ckBTC Coming to Cosmos via Internet Computer and Partnership Between Omnity and Osmosis

SINGAPORE - Sept. 20, 2024 - PRLog -- A strategic partnership has been announced between the Omnity omnichain hub and the leading Cosmos DEX and DeFi hub, Osmosis. The two companies are teaming up to bridge Chain-Key Bitcoin ($ckBTC) via Internet Computer (ICP) to the Cosmos ecosystem.

ckBTC is a non-custodial Bitcoin (BTC) token built on the Internet Computer blockchain. It is soon to be available on Osmosis, a DEX boasting US$35 billion of cumulative trading volume, an existing BTC liquidity of US$16 million, and more than 100 connected blockchains on the Osmosis appchain. As the most robust solution to bridge non-custodial BTC to Cosmos, the partnership between Osmosis and Omnity aims to provide the highest standards in security and integration for holders of ckBTC and expand the token's reach and functionality. The partners also hope to start a prosperous connection between ICP and Cosmos, with liquidity and cross-chain functionality enriched in both ecosystems.

Omnity's cross-chain functionality relies on Chain Fusion, which allows ICP smart contracts to directly sign and submit transactions to other chains. Omnity Network leverages this capability to act as a Bitcoin Asset Hub, seamlessly bridging ckBTC and other Bitcoin assets to different blockchain networks. With the integration of Omnity with Osmosis, ckBTC can be securely transferred across multiple blockchains, reducing transaction costs, minimizing latency, and enhancing security.

Speaking on the integration, Sunny Aggarwal, Co-Founder of Osmosis said, "Cosmos has reached a state where the technology stack is capable of supporting hyperbitcoinization, and Osmosis will play a significant role in the Bitcoin renaissance by unifying BTC liquidity across the DeFi ecosystem. This joint effort with Omnity and the ICP community supports increased Bitcoin utility and interoperability and lets users do more with their BTC than just hold it."

Through the partnership, Omnity has developed an on-chain route to connect Osmosis with ICP's ckBTC subnet through its omnichain hub, enabling secure cross-chain transactions with low fees and fast finality. This route verifies cross-chain messages between the Bitcoin network, including Layer 2 solutions, and Osmosis, facilitating trustless asset transfers like ckBTC without relying on off-chain processes. By integrating ICP's Chain Fusion technology and leveraging IBC protocol, Omnity strengthens interoperability between Bitcoin assets and the Osmosis ecosystem.

read full press release: https://www.prpocket.com/2024/09/ckbtc-coming-to-cosmos-v...