BREAKING NEWS

10.August 2022

Avalanche adds support for native Bitcoin via bridge feature

Share on facebook
Share on twitter
Share on linkedin
Share on vk
Share on whatsapp

Avalanche says BTC bridging is currently only available via its Core Browser Extension.

Avalanche has added support for native Bitcoin (BTC) on the platform, which will happen via the Avalanche Bridge, according to a press release published on Wednesday.

Customers will still be able to hold Bitcoin on their portfolio, the team at the Layer 1 blockchain said in the announcement.

Avalanche, which is compatible with the Ethereum Virtual Machine (EVM), launched the Bridge functionality in August 2021. Over $50 billion in value transfers have happened in the blockchain’s DeFi ecosystem through the bridge since.

This will likely go up massively if the feature sees significant uptake across the Bitcoin community. According to Avalanche, the BTC support targets unlocking over $500 billion of value currently on the Bitcoin network and bringing it to the Avalanche DeFi ecosystem.

Avalanche’s release of the BTC Bridge came at the same time that Ava Labs announced the launch of its Core Browser Extension. The non-custodial extension, available for free to users, is designed to help customers explore Web3 opportunities on Avalanche.

Users seeking to use their BTC in the DeFi ecosystem via the new bridge will need to download the Core Browser Extension. Avalanche does not support BTC bridging via Metamask or other wallets, the team said.

source

Author Infomation

Recent News

Related News

Leave a Reply

Your email address will not be published. Required fields are marked *