ICP-Based Bitcoin Token ‘ckBTC’ Will Bridge to Cosmos Through Osmosis

CkBTC will quickly bridge to the Cosmos ecosystem through decentralized trade Osmose.

Issues have been constructing for weeks about Tron founder Justin Solar’s perceived affect in WBTC, prompting opponents to supply options.

Chain-key bitcoin (ckBTC), a non-custodial Bitcoin token based mostly on the Web Pc blockchain (ICP), will quickly bridge to the Cosmos ecosystem through decentralized trade (DEX) Osmose.

It’s the “first time a confirmed, safe, non-custodial BTC is coming to the Cosmos ecosystem,” in response to an emailed announcement on Wednesday.

The event comes as extra decentralized finance (DeFi) builders are more and more searching for methods to export bitcoin (BTC), which has by far the biggest market capitalization of all cryptocurrencies, value $1.2 trillion, to different blockchains -ecosystems.

Though Cosmos’ ATOM token is simply the nineteenth largest cryptocurrency by market cap within the CoinDesk 20 index, valued at $1.6 billion, the undertaking has outsized affect within the business as a result of its affiliate community structure – a blueprint adopted by many different blockchains – and its expertise has been used as the idea for a number of main decentralized finance (DeFi) tasks.

Osmosis has partnered with the ICP-built Omnity Community to offer a service for bridging non-custodial BTC to Cosmos.

CkBTC is a kind of Bitcoin token that’s pegged 1:1 to the worth of BTC, permitting customers to retailer their belongings on the earth’s largest cryptocurrency whereas utilizing it on different networks.

The most typical present token of this type is the Ethereum-based Wrapped Bitcoin (WBTC). Nevertheless, in current weeks, issues have arisen about Tron founder Justin Solar’s perceived affect in BitGo, custodian of the underlying belongings in WBTC.

Final month, BitGo proposed sharing WBTC custody with BiT World, an entity partially managed by Solar, elevating issues that the deal would centralize an excessive amount of management with BiT.

The fallout from that episode galvanized opponents who provided an alternate model of WBTC, together with dlcBTC and Threshold’s tBTC in addition to ckBTC.

Learn extra: BitGo reiterates Justin Solar and Tron’s autonomy whereas MakerDAO decides to ditch WBTC