Cardano Lace wallet goes multichain and adds Bitcoin support
Cardano Lace wallet goes multichain
Cardano’s Lace wallet has officially integrated Bitcoin into its platform, marking a major step in its multichain expansion strategy.
The non-custodial wallet, developed by Input Output Global (IOG), aims to provide users with seamless access to multiple blockchain networks, according to Coingape.
The move underscores Cardano’s growing interest in Bitcoin’s emerging decentralized finance (DeFi) ecosystem, which has seen increased development in recent months.
With this integration, Lace wallet users can now manage their Bitcoin holdings directly within the platform while gaining exposure to new innovations on the Bitcoin network.
Strengthening Cardano’s position in the crypto landscape
Bitcoin’s integration into Lace aligns with Cardano’s broader efforts to enhance cross-chain compatibility and drive adoption. According to Cardano founder Charles Hoskinson, Bitcoin was a logical choice for expansion, as it serves as an entry point for many users entering the Web3 space.
Beyond providing a multichain experience, Lace’s Bitcoin support could accelerate the growth of Bitcoin-based DeFi applications. The integration follows Cardano’s recent partnership with BitcoinOS, the developer behind the Grail bridge, signaling deeper collaboration between the two ecosystems.
Cardano has also been expanding its network partnerships, including a recent collaboration with OpenZeppelin’s Midnight Network to enhance privacy solutions. These strategic moves reinforce its commitment to interoperability and broader adoption in the crypto market.
With Bitcoin now available on Lace, industry analysts suggest the move could have long-term benefits for ADA, Cardano’s native cryptocurrency. While ADA’s price remains volatile, proponents believe the increased utility brought by Lace and other developments could support its long-term growth.
Meanwhile, Cardano founder Charles Hoskinson expressed strong confidence that ADA, Ethereum, and XRP will lead the current crypto cycle.
