Cardano DeFi to reach $1.3 trillion in Bitcoin capital through BitcoinOS partnership

EMURGO – a blockchain project promoting Web3 adoption on the Cardano blockchain – announced a strategic partnership with BitcoinOS (BOS), a modern contract operating system built for Bitcoin.

The latest move aims to give Cardano DeFi users access to the estimated $1.3 trillion in Bitcoin capital without relying on third-party intermediaries.

The first technical collaboration between EMURGO and BitcoinOS involves incorporating the BOS Grail bridge into Cardano's open-source blockchain framework. It uses BOS's BitSNARK authentication protocol, which uses zero-knowledge technology to securely and trustlessly transfer Bitcoin (BTC) and related assets to Cardano.

With this development, Cardano will be the first Layer-1 blockchain to leverage BOS's scalability and programmability for Bitcoin, allowing DeFi dApps, such as Fluid Tokens, to incorporate trustless BTC functionality for their users.

Ken Kodama, the founder and CEO of EMURGO, said in an official statement

“This collaboration with BitcoinOS has the potential to unlock new cross-chain capabilities and further strengthen Cardano by providing Cardano users, projects and developers with secure, trustless access to the Bitcoin ecosystem. Supporting a more open and connected Web3 environment across blockchains will enable innovation and DeFi and others.” It helps in adopting decentralized solutions.

On the price side of things, ADA continues to trade fairly well. Despite signs of a bullish reversal, the crypto asset has fallen over 11% in the past month and is currently trading below $0.35.