Cryptocurrency News

Interlay launches trustless BTC stablecoin bridge on Polkadot

08/12/2022

Less than a minute

2022.08.12 11:21

Interlay launches trustless BTC stablecoin bridge on Polkadot

Interlay, a London-based blockchain firm, launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot (DOT). Named interBTC (iBTC), the bridge allows the use of Bitcoin on non-native blockchains for decentralized finance (DeFi), cross-chain transfers and nonfungible tokens (NFTs), among others.

interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according to Interlay, resembles MakerDAO’s DAI token, a stablecoin on the Ethereum blockchain.

08/12/2022

Less than a minute

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