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Reading: Cardano and Chainlink Forge New Collaborations with Bitcoin Ecosystem
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COINTURK NEWS > Altcoin News > Cardano and Chainlink Forge New Collaborations with Bitcoin Ecosystem
Altcoin News

Cardano and Chainlink Forge New Collaborations with Bitcoin Ecosystem

In Brief

  • Cardano and Chainlink collaborate with Bitcoin to enhance DeFi ecosystem.

  • Cardano offers direct Bitcoin liquidity access to its users.

  • Chainlink integrates oracle services to improve Bitcoin's functionality.

Ömer Ergin
Ömer Ergin 7 months ago
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Leading altcoins Cardano $0.776795 and Chainlink $16 have signed new collaborations aimed at expanding the DeFi ecosystem and providing increased liquidity to the Bitcoin $102,925 network. Cardano is set to offer its users Bitcoin liquidity through a partnership with BitcoinOS, while Chainlink aims to deliver oracle services to Bitcoin via Spiderchain. These initiatives signify significant advancements in blockchain technology and DeFi projects.

Contents
Cardano Provides Direct Access to Bitcoin LiquidityChainlink Integrates Oracle Services to BitcoinA New Era in the DeFi Ecosystem

Cardano Provides Direct Access to Bitcoin Liquidity

Through its agreement with BitcoinOS, Cardano is preparing to grant its users direct access to Bitcoin liquidity. This collaboration eliminates the need for intermediaries, enabling users to directly reach their Bitcoin assets. The integration aims to enhance interoperability between blockchains, offering a secure and decentralized infrastructure through zero-knowledge (ZK) cryptography and the BOS Grail bridge.

Supported by Emurgo, this initiative allows Cardano to tap into the $1.3 trillion Bitcoin liquidity market. Edan Yago, co-founder of BitcoinOS, remarked on this development, stating, “We are at a completely new stage for Bitcoin, Cardano, crypto, and finance.”

Chainlink Integrates Oracle Services to Bitcoin

Chainlink has partnered with Spiderchain to integrate oracle services into the Bitcoin ecosystem. Spiderchain, developed by Botanix Labs as part of Chainlink’s Scale program, contributes to the functionality of Bitcoin through layer-2 solutions, rollups, and smart contracts.

With Chainlink’s Cross-Chain Interoperability Protocol (CCIP), token transfers between different blockchain networks are facilitated. This integration aims to enhance the functionality of smart contracts by providing external data, such as market prices and weather information, to Bitcoin’s database.

A New Era in the DeFi Ecosystem

These integrations by Cardano and Chainlink emerge as significant steps in terms of liquidity and functionality within the crypto ecosystem. These developments enable users to conduct transactions more easily and securely across different blockchain networks, heralding a new era in the DeFi ecosystem.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 25 October, 2024 - 10:01 am 25 October, 2024 - 10:01 am
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