Osmosis from the Cosmos ecosystem announced that users will be able to transfer Bitcoin to the Cosmos network.
A big announcement was made at the Cosmoverse 2023 event held in Istanbul. Osmosis, the popular DeFi project in the Cosmos ecosystem, announced that Bitcoin can now be used on the Cosmos network.
Users will be able to transfer their Bitcoins to the Cosmos network via Osmosis’s Nomic bridge. After this transfer, users will be issued Nomic Bitcoin (nBTC), which is compatible with BTC. BTC and nBTC will be exactly the same.
Huge move for Cosmos network!
Osmosis, which is part of the Cosmos network, made an announcement at the Cosmoverse 2023 event the other day. According to this announcement, users on the Cosmos network will now be able to buy and sell Bitcoin.
This service, which will be offered as Nomic Bitcoin (nBTC), which is exactly the same as the Nomic bridge and BTC, will charge a 1.5 percent transaction fee. Users who transfer their Bitcoin to the Cosmos network will receive nBTC at the same rate. These nBTCs will provide liquidity on Osmosis.
Sunny Aggarwal, co-founder of Osmosis, said the following on the subject;
Bitcoin deeply needs a DeFi ecosystem, and Cosmos needs an underlying currency asset that can serve as a primary store of value. Nomic will help make this long-awaited integration for Bitcoin-centric Cosmos a reality.
Nomic’s founder, Matt Bell, also made statements. Bell stated that the Cosmos ecosystem will no longer be deprived of a seamless and safe way to buy BTC.
The team has started working and will release the nBTC Interchain upgrade on October 27. The bridge is expected to become active on October 30.
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