Avalanche introduces Bitcoin bridge as Core wallet feature

Avalanche introduces Bitcoin bridge as Core wallet feature
HeadlinesNewsAvalanche introduces Bitcoin bridge as Core wallet feature

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Avalanche introduces Bitcoin bridge as Core wallet feature

The Block13 days ago
Published on June 23, 2022 12:11 GMT+00:00edited on June 23, 2022 23:44 GMT+00:00

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Ava Labs has launched a new bridge solution allowing users to directly transfer funds between Bitcoin network and Avalanche, a high performance Layer 1 blockchain that offers compatibility with the Ethereum Virtual Machine.

On Wednesday, Ava Labs released the Avalanche-Bitcoin bridge as part of its new browser-based web3 wallet called Core. The bridge will tokenize the top crypto asset as an Avalanche-based token called BTC.b, allowing it to be used on Avalanche's DeFi protocols including Platypus and TraderJoe.

The bridging process works by locking up an amount of bitcoin and issuing an equivalent number of tokens on Avalanche, a process called wrapping. The team claims that the wrapping setup on the bridge is non-custodial, unlike other popular Ethereum-based tokenized bitcoin …