Elrond partners Poly Network to offer wrapped Bitcoin and ERC20 assets

Elrond Network partners with Poly Network in order to facilitate trading of wrapped Bitcoin and ERC20 tokens on its platform.

By · Nov 25, 2020 . 5min read

Elrond partners Poly Network latest news

Elrond Network has partnered with Poly Network, a blockchain interoperability infrastructure to offer wrapped Bitcoin and ERC20 tokens on its platform.

Elrond made this announcement in a recent blog post stating it will start supporting the multi-billion dollar Bitcoin network and the over $100 billion Ethereum assets with DeFi tokens as its target.

Upon integration, Bitcoin can circulate on Elrond at “internet-scale & cost”. As for the ERC20 DeFi tokens, they benefit from 30% royalties on smart contracts and inexpensive high-speed token transfers.

Beniamin Mincu, Elrond CEO commenting on the Poly Network partnership and the Elrond’s rollout of BTC and ERC20 tokens said

“We are building Elrond to be the internet-scale blockchain. That means throughput on par with the performance needs of the internet, as well as interoperability with the most widely adopted networks.  Beyond performance, interoperability becomes the most important component for Elrond.”

Poly Network, which is building an interoperability layer between blockchains already supports Bitcoin, Ethereum, Neo, Ontology, and Cosmos. Moreover, the network has already processed $2.8 billion in transactions executed in Bitcoin, USDT, Ethereum, and other stable coins & tokens.

“The Elrond architecture and protocol are clearly built from the ground up with interoperability in mind. The integration with Poly Network will thus be very straightforward and will make Elrond the most scalable addition to our ecosystem”

Elrond supporting wrapped Bitcoin and ERC20 will further decentralize liquidity.

With Elrond now coming on board with Poly Network, Bitcoin on Elrond becomes easy. Also, there’ll be ERC20 DeFi liquidity from Ethereum to Elrond. And by extension, Elrond-based assets are able to participate in DeFi opportunities on other blockchain platforms.

IBC (Inter Blockchain Communication) is critical to the growth of splintered sub-industry like DeFi. Wrapped Bitcoin on Ethereum already got a huge boost and brought more liquidity on Ethereum. And now with Elrond now supporting Bitcoin and ERC20 tokens, liquidity becomes even more decentralized.

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