Nomic to upgrade the Cosmos Bitcoin Bridge

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Nomic to upgrade the Cosmos Bitcoin Bridge

Non-custodial Bitcoin bridge Nomic said that it will soon allow the top cryptocurrency to be 'universally accessible' within the Cosmos ecosystem through a planned upgrade scheduled for Oct. 27.

With a market value exceeding $2.5 billion, Cosmos, a prominent blockchain network, faces a significant challenge: the absence of a decentralized platform to incorporate Bitcoin into its ecosystem.

Nomic solves this problem by introducing nBTC, an IBC-compatible token pegged to the top digital asset. The nBTC Interchain Upgrade project aims to provide a seamless and interoperable Bitcoin experience within the Cosmos ecosystem.

This upgrade will enable users to conduct BTC transactions across the Cosmos network, according to information shared with CryptoSlate.

Furthermore, 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.

Sunny Aggarwal, a co-founder of Osmosis, has highlighted how Nomic tackles the long-standing problem of moving Bitcoin from its native chain to another blockchain.

The symbiotic relationship between the two ecosystems would be improved by introducing Nomic Bitcoin, he said, adding that Bitcoin requires a DeFi ecosystem, while Cosmos benefits from having a foundational asset for value storage.

Nomic's new nBTC will also be available on widely used Cosmos applications such as Kujira and Levana.

Turbofish, Nomic's main contributor, revealed that the bridge was undergoing a security audit to ensure the bridge's safety before the upgrade.

Turbofish also said it would hand control the bridge's capacity and fee management to Nomic DAO. The DAO is able to oversee the bridge's BTC capacity limits, transaction fees, and overall development.

Turbofish CEO Matt Bell said that the Cosmos DeFi ecosystem needed secure and seamless access to BTC. Matt Bell, the CEO of Turbofish, said the firm had a long-term strategy to stay ahead of the competition.