Latest Crypto News: Nomic Project Brings Bitcoin Access to Cosmos Ecosystem
In the latest developments in the cryptocurrency world, the Nomic project has introduced a decentralized, non-custodial Bitcoin bridge designed to make Bitcoin (BTC) universally accessible within the Cosmos ecosystem.
Upon implementation, the upgraded Nomic DAO Foundation bridge will facilitate BTC deposits and withdrawals throughout the entire Cosmos network.
Summary
- Crypto News: Bitcoin now accessible on the Cosmos network through Nomic bridge.
- Crypto News: Bitcoin available in the Cosmos ecosystem via Nomic's nBTC.
- ATOM Price: Up by +9.5% in the last 7 days, indicating a recovery.
Crypto News: Bitcoin Accessible on Cosmos Network Thanks to Nomic Bridge
The Nomic DAO Foundation has revealed plans to enable universal BTC access within the Cosmos ecosystem through Nomic's decentralized, non-custodial Bitcoin bridge.
Nomic is introducing a bridge for Bitcoin, enabling users to convert their native BTC into nBTC, an IBC-compatible token.
This project was introduced by Turbofish, the founders and primary contributors to Nomic, during the Cosmos network's flagship conference, Cosmoverse.
Nomic addresses the challenge of seamlessly bringing BTC into the Cosmos network in a decentralized manner. With Nomic, users can transition their BTC into Cosmos using nBTC, an IBC-compliant token, eliminating the need to convert BTC into another cryptocurrency.
As a result, Nomic will soon undergo an upgrade to allow BTC deposits and withdrawals from any platform or chain within the Cosmos ecosystem, starting from October 30, 2023, as stated by Matt Bell, CEO of Turbofish.
Crypto News: Bitcoin Accessible in the Cosmos Ecosystem with Nomic's nBTC
In the Cosmos ecosystem, Nomic's new nBTC will soon be launched on Osmosis, the primary decentralized exchange of Cosmos, providing users the capability to directly deposit and withdraw Bitcoin within the Osmosis Zone app.
Sunny Aggarwal, co-founder of Osmosis, commented:
"I believe the future of Cosmos is to become the application layer for Bitcoin. In fact, that vision drew me to the ecosystem years ago. However, securely and decentralizing BTC off the Bitcoin chain has been a challenge until now. With Nomic, users can utilize native Bitcoin on Osmosis and throughout the Cosmos ecosystem. Bitcoin needs a DeFi ecosystem, and Cosmos requires a base asset that can serve as its primary store of value. Nomic will help realize this long-awaited vision of a Bitcoin-centric Cosmos."
Additionally, users can already utilize BTC in other Cosmos applications like Kujira and Levana.
ATOM Price Up by +9.5% in the Last 7 Days, but It's a Recovery
While the Cosmos ecosystem welcomes Bitcoin through the native nBTC token, the native Cosmos cryptocurrency, ATOM, has witnessed a price increase of +9.5% over the past week.
However, this price increase is merely a recovery, as the current price of ATOM stands at $7.03, similar to its position last month.
On an annual scale, ATOM is in a significant bear market, with the current price reflecting a -45.5% drop from $12.60 on October 27, 2022.
Nonetheless, ATOM ranks 26th in terms of market capitalization, with a total market cap exceeding $2.6 billion.
