Crypto users can now bridge their BTC with ALGO using the Flare Network.
Flare Network, an initiative that enables interoperability between chains, has announced that it has been awarded a 7-figure SupaGrant from the Algorand Foundation to build a bridge between the Bitcoin and Algorand blockchains.
The company noted in an announcement today that the bridge, which will be developed using its native cross-chain protocols, will enable the interoperability between the world’s largest cryptocurrency by market capitalization – BTC – and ALGO.
? Very excited to announce:
We are building a #Bitcoin Bridge for @Algorand!?
✅ Safely delivering #Bitcoin to Algorand
✅ Engineering a $BTC FAsset
✅ Integrating consensus to enhance bridge security
✅ Receiving 7-figure Supagrant #Flare $FLRhttps://t.co/WU24tRe0KV— Flare ☀️ (@FlareNetworks) April 26, 2022
“We’re excited to partner with Flare and welcome them to the Algorand ecosystem. Our grant partnership with Flare will develop key DeFi infrastructure with a bridge to Bitcoin, opening up opportunities for further collaboration and innovation,” Daniel Oon, head of the Algorand Foundation’s DeFi unit, said.
The bridge will also support the interoperability between the two cryptocurrencies and other F-Assets, including Ripple (XRP), Dogecoin (DOGE), Stellar (XLM), and Litecoin (LTC).
Interestingly, Flare stated that it would be adding Bitcoin as an F-Asset to its network.
Rising Crypto Theft Prompts Initiative
Flare noted that one of the reasons for the development of the initiative is as a result of the rising theft that has occurred during token bridges.
According to Flare, billions of dollars have been stolen in the process of bridging tokens because these bridges are less secure than the blockchain they serve.
Commenting on the issue, Sean Rowan, CTO and co-founder of Flare, said:
“The simple fact is that existing approaches to bridging have time and again been proven unsatisfactory. Flare’s new approach is an entirely different way, built from the ground up rather than being based on existing bridging technology.”
Flare Initiatives
Flare has been developing useful projects since its launch, to establish its prowess in the cryptocurrency industry.
As reported, Flare announced a collaboration with Ola Finance to provide its clients with a customizable lending network using its supported mainstream assets, including XRP and ALGO.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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