Cardano DeFi Gains $1.3T Bitcoin Access via BitcoinOS Partnership

EMURGO – the blockchain initiative enhancing Web3 adoption on the Cardano blockchain – has revealed a strategic partnership with BitcoinOS (BOS), a smart contract platform designed specifically for Bitcoin.

This latest initiative seeks to offer Cardano DeFi users access to Bitcoin’s $1.3 trillion capital without the need for third-party intermediaries.

The inaugural technical collaboration between EMURGO and BitcoinOS focuses on integrating the BOS Grail bridge into Cardano’s open-source blockchain ecosystem. It utilizes BOS’s BitSNARK verification protocol, which harnesses zero-knowledge technology, facilitating the secure and trustless transfer of Bitcoin (BTC) and related assets onto Cardano.

With this innovation, Cardano becomes the first Layer-1 blockchain to leverage BOS’s scalability and programmability for Bitcoin, enabling DeFi dApps, such as Fluid Tokens, to offer trustless BTC capabilities for their users.

In an official statement, EMURGO founder and CEO Ken Kodama remarked,

“This partnership with BitcoinOS has the potential to create new cross-chain functionalities and enhance Cardano by providing Cardano users, projects, and developers with secure, trustless access to the Bitcoin ecosystem. Fostering a more open and interconnected Web3 environment across various blockchains helps spur innovation and the adoption of DeFi and other decentralized solutions.”

On the price front, ADA has continued to trade sluggishly. Despite indications of a bullish reversal, the cryptocurrency has dipped over 11% in the last month and is currently valued below $0.35.