Bitcoin and ERC20 Assets Now on Elrond Via Poly Network
Enterprise-grade scalable blockchain solutions platform, Elrond has announced that Bitcoin and ERC20 tokens, including ETH, NEO, ONT, and COSMOS, will now be available for cross-chain DeFi activities on its network. In a tweet on Tuesday evening, Elrond stated that it could pull BTC on its platform via its integration for blockchain interoperability with Poly Network.
BREAKING: Bitcoin is coming to Elrond!
By integrating $EGLD with blockchain interoperability protocol @PolyNetwork2, #Bitcoin & tokens from Ethereum, Neo, Ontology & Cosmos will be available on our mainnet for cross-chain DeFi using Elrond tech.
— MultiversX (Previously Elrond) (@MultiversX) November 24, 2020
In a time of global economic crisis, further amplified by the coronavirus pandemic, DeFi has emerged as a popular choice, showing tremendous growth in demand. Interoperability between blockchains is an aspect that is expected to push the demand even further and bring new use cases to the industry. Having premier digital assets like Bitcoin and Ethereum for DeFi activities will boost Elrond’s demand, helping it to develop its offerings and network infrastructure further.
Commenting on their integration with Poly Network, Elrond CEO Beniamin Mincu said that it’s part of their effort to become the “internet-scale” blockchain, which means that their core focus is on building unrivaled scalability for the DeFi ecosystem. Mincu further added that this would also help them cope with the performance and interoperability needs to the major networks across the globe.
Banking on the strong security infrastructure and multi-billion-dollar DeFi assets of Bitcoin and Ethereum, Elrond is aiming to become the market leader in the cross-chain DeFi segment, it said in the official statement on its website.
On the other hand, Poly Network is a state-of-the-art blockchain interoperability protocol alliance, with giants like Neo and Ontology behind and part of its formation. Speaking about the integration with Elrond, Director of Poly Network, John Wang said,