Cardano DeFi to Access $1.3 Trillion in Bitcoin Capital Through BitcoinOS Partnership
EMURGO the blockchain project advancing Web3 adoption on the Cardano blockchain announced a strategic collaboration with BitcoinOS (BOS), a smart contract operating system built for Bitcoin.
The latest move aims to provide Cardano DeFi users with access to Bitcoins capital, valued at $1.3 trillion, without relying on third-party intermediaries.
The first technical collaboration between EMURGO and BitcoinOS involves incorporating the BOS Grail bridge into Cardanos open-source blockchain framework. It uses BOSs BitSNARK verification protocol, which leverages zero-knowledge technology, to enable the secure and trustless transfer of Bitcoin (BTC) and associated assets into Cardano.
With this development, Cardano becomes the first Layer-1 blockchain to utilize BOSs scalability and programmability for Bitcoin, allowing DeFi dApps, like Fluid Tokens, to incorporate trustless BTC functionality for their users.
In an official statement, EMURGO founder and CEO Ken Kodama said,
This collaboration with BitcoinOS has the potential to unlock new cross-chain capabilities and further strengthen Cardano by granting Cardano users, projects, and developers secure, trustless access to the Bitcoin ecosystem. Supporting a more open and interconnected Web3 environment across different blockchains helps drive innovation and the adoption of DeFi and other decentralized solutions.
On the price side of things, ADA continued to trade underwhelmingly. Despite signs of a bullish reversal, the crypto asset has shed over 11% in the past month and is currently trading below $0.35.
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Text source: CryptoPotato
