Avalanche Set to Launch Bitcoin Bridge, Its New Core Wallet
The decentralized smart contracts platform, Avalanche, announced plans to launch its own wallet application, called Core. The platform is also expanding its bridging functionality to support the Bitcoin network.
The bridge will enable users to move their bitcoins from legacy wallets like Bitcoin Core to Avalanche’s more advanced wallets.
Bitcoin wallets typically require users to go through a third-party exchange in order to move assets from one blockchain to another. The process can be time-consuming, prone to hacks, and may involve extra fees.
However, Avalanche’s new Bitcoin Bridge will enable users to move their bitcoins directly from their old wallet to Avalanche’s public blockchain, which can then be used on the Avalanche DeFi ecosystem.
Ava Labs is supporting the development of Avalanche, and it was their Head of Product, Nick Mussallem, who unveiled the initiatives at the Avalanche Summit in Spain’s Barcelona.
“Core is not just a wallet. It’s a curated, Web3 operating system that combines secure wallet architecture with technology not found in any other wallet. It is the culmination of extensive user and product research to understand how we can facilitate mass-adoption of Web3 systems and applications with a smooth, user-friendly experience that has never been seen before,” Mussallem said.
This wallet incorporates the native Avalanche bridging functionality, allowing users to directly communicate with decentralized applications on the Avalanche blockchain.
Established in 2020, Avalanche is still a relatively new project, but the launch of its Core wallet will help the company position itself as a one-stop-shop for all things blockchain.
Prior to its expansion, the Avalanche bridge was the most popular Ethereum-connected bridge, facilitating the usage of more than $43 billion in assets between Avalanche and Ethereum since mid-2021.
The addition of Bitcoin to the bridging functionality is just one part of Avalanche’s broader ambitions to create an ecosystem of products that make it easy for enterprises and developers to build on blockchain technology.
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