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Cardano Marks Historic Milestone as Non-Custodial Wrapped BTC Mints on Network

Sun, 04/16/2023 - 14:12
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Tomiwabold Olajide
AnetaBTC successfully minted cBTC on Cardano
Cardano Marks Historic Milestone as Non-Custodial Wrapped BTC Mints on Network
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AnetaBTC has unveiled a cBTC demo that showcases minting "wrapped BTC" on Cardano. This marks a historic milestone for the Cardano network.

Cardano founder Charles Hoskinson reacted to the exciting news that cBTC could now be minted on the Cardano network.

CBTC, a BTC asset on Cardano, is similar to wrapped Bitcoin (wBTC) on ETH, but it does not have a centralized custodian.

AnetaBTC, which seeks to bring on-chain wrapped BTC to Cardano and Ergo, earlier announced the cBTC demo would precede its Cardano public testnet release.

In an earlier and separate announcement, the protocol stated the public testnet of anetaBTC, which will bring wrapped Bitcoin to Cardano, is scheduled to launch Thursday, April 20, 2023.

Bitcoin liquidity to contribute to Cardano DeFi explosion

Ahead of the milestone, anetaBTC has announced several updates in its journey to bring wrapped BTC to Cardano.

These include successfully minting cBTC on Cardano, mobile app development and open-sourcing its Cardano smart contracts. It is also conducting a security audit for its wrapping protocol, an important milestone, it says, for launching its mainnet protocol on Cardano.

Wrapped assets enable liquidity to be bridged from other ecosystems, and wrapping BTC on Cardano could help unlock liquidity from the $585 billion BTC market. AnetaBTC says it wants to bring Bitcoin liquidity into Cardano and Ergo to contribute to the anticipated DeFi explosion of these leading blockchains.

CBTC, a non-custodial wrapped BTC, aims to bring crucial liquidity to Cardano by attaining a small percentage of the wBTC market.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.