Update: Bitcoin Liquidity Now Available on Cardano Mainnet!

According to a statement by anetaBTC, Wrapped BTC (cBTC),will now provide access to Bitcoin liquidity in the Cardano (ADA) ecosystem. This integration of cBTC into Cardano is comparable to how wrapped Bitcoin (wBTC) was handled by Ethereum. For use in decentralized financial (DeFi) applications, BTC is tokenized on the other blockchain.

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This is a big step for Cardano (ADA), as it gives consumers new options for using assets backed by Bitcoin. The introduction of cBTC may also improve the DeFi ecosystem on the Cardano (ADA) network. It might enable users to use and access Bitcoin assets without leaving the ADA blockchain.

AnetaBTC and Bitcoin Integration

AnetaBTC has a three-part, multi-phase structure. Phase one is governed by anetaBTC and includes a secure vault for BTC deposits. Then there’s the off-chain code that verifies deposits and compares metadata to user addresses. Later phases prioritize decentralization, enhancing the framework’s security and strength.

This move is consistent with the blockchain and cryptocurrency sectors’ tendency of cross-chain connectivity and collaboration. Furthermore, incorporating wrapped Bitcoin assets onto other blockchains might help boost adoption and growth for both the host blockchain (in this instance, Cardano) and the underlying BTC network.

What Does this Mean for Cardano’s price

At the time of writing, both Cardano (ADA) and Bitcoin (BTC) are on the rise. In the previous 24 hours, BTC has increased by 1.6%, while ADA has increased by 2%. The live Cardano price today is $0.299455 with a 24-hour trading volume of $295,451,832. Cardano is up 1.78% in the last 24 hours.

Cardano is up 1.78% in the last 24 hours. Source: CoinMarketCap

The increase, however, could be attributable to the bigger market gaining traction rather than the BTC integration on ADA. The total worldwide crypto market cap has increased by 1.8% to $1.23 trillion.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.