Non-custodial Bitcoin bridge Nomic said it would soon allow the top cryptocurrency to be 'universally accessible' within the Cosmos ecosystem through a planned upgrade scheduled for Oct. 27.
The lack of a decentralized platform to incorporate Bitcoin into its ecosystem is a significant obstacle for Cosmos, a well-known blockchain network that boasts a market value exceeding $2.5 billion.
Nomic tackles this challenge through nBTC, an IBC-compatible token pegged to the top digital asset. The nBTC Interchain Upgrade, a seamless and interdependent Bitcoin experience, is a goal of the planned cross-chain bridge proposed by the Cosmos ecosystem.
CryptoSlate has said this upgrade will enable users to conduct BTC transactions throughout the Cosmos network.
In addition, Nomic's nBTC will debut on Osmosis, Cosmos' leading decentralized exchange. This will enable users to deposit and withdraw Bitcoin within the Osmosis Zone app.
Nomic co-founder Sunny Aggarwal, a co-founder of Osmosis, has highlighted how Nomic addresses the long-standing challenge of moving Bitcoin from its native chain to another blockchain.
He said that introducing Nomic Bitcoin would foster a symbiotic relationship between the two ecosystems, adding that Bitcoin requires a DeFi ecosystem, while Cosmos benefits from having a foundational asset for value storage.
Nomic's nBTC will also be available on widely used Cosmos applications such as Kujira and Levana.
Turbofish, Nomic's core contributor, revealed that the bridge was undergoing a security audit to ensure its safety before the upgrade.
Turbofish also outlined plans to hand over control of the bridge's capacity and fee management to Nomic DAO. The DAO is now able to manage the bridge's BTC capacity limits, transaction fees, and overall development.
Matt Bell, Turbofish's CEO, said the Cosmos DeFi ecosystem needed secure and seamless access to BTC. Turbofish's CEO, Matt Bell, said in a statement that his company's CEO, Matt Bell, would not comment on the matter.