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Ecosystem developers bring Bitcoin to Cosmos network
Osmosis, the largest decentralized exchange (DEX) on Cosmos, along with Nomic and Kujira, will bring Bitcoin (BTC) to its eponymous inter-blockchain communication (IBC) protocol.
According to the announcement made on October 3 during the Cosmoverse 2023 Conference, users will be able to transfer Bitcoin to the Cosmos network via Osmosis' Nomic bridge for 1.5 percent of the transaction value. Users then receive Nomic Bitcoin (nBTC), an IBC-compatible token issued by Nomic Chain, on a one-to-one basis. nBTC can be bought, sold and used to provide liquidity on Osmosis. They can also be used in more than 50 Cosmos-connected application chains. Sunny Aggarwal, co-founder of Osmosis, commented:
Bitcoin requires an application DeFi ecosystem, while Cosmos requires an underlying currency asset that can serve as a primary store of value. Nomic will help make this long-awaited alliance for a Bitcoin-centric Cosmos a reality.
Matt Bell, CEO of Nomic founder and main contributor Turbofish, says:
The Cosmos ecosystem is too important to lack a seamless and secure way to buy BTC. We see today's announcement as the beginning of the most seamless and secure way to onboard users with BTC into the Cosmos ecosystem.
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