Cardano Lace Wallet Goes Multichain With Bitcoin Integration
Highlights
- Cardano Lace wallet has integrated Bitcoin for users
- The light wallet has plans to integrate more chains in its interoperability push
- ADA price is down but with projections for massive breakout soon
The Cardano light wallet Lace has integrated the Bitcoin blockchain in its latest push for multichain expansion. The non-custodial wallet said it plans to add more networks in the near future to bring value to its users. As revealed in its announcement, the Cardano wallet said this move will also help it bring crypto users all they need under one platform.
The Lace Wallet and Bitcoin Integration
Lace Wallet described the Bitcoin blockchain as the Foundation of the crypto industry. However, it highlighted that BTC’s Decentralized Finance (DeFi) ecosystem is still in its early stages.
Alongside the growing Bitcoin Layer 2 solutions, Lace sees its multichain shift as a good move from which to benefit. The wallet said its users can manage Bitcoin on its platform. In addition, it highlighted that users will be exposed to emerging innovations on the Bitcoin network.
According to Cardano founder Charles Hoskinson, Bitcoin became an easy choice for the wallet to integrate. He noted that this asset is usually the starting point for those entering the Web3 world. As such, a product with Bitcoin integration may help contribute to the broader adoption in the market.
Cardano and the Bitcoin DeFi Agenda
Over the past year, the conversation surrounding the boost of Bitcoin’s DeFi push has been on the horizon. In its push to drive this Bitcoin adoption, Cardano inked a partnership with BitcoinOS, the creator of the Grail bridge, last year.
While the duo has not announced a unifying product yet, Charles Hoskinson revealed plans to work on BTC innovations this year. The integration of BTC by Lace Wallet confirms their commitment.
The Cardano push to expand its ecosystem also came with an OpenZepellin partnership last month. As announced, the partnership features its privacy outfit, the Midnight Network. The Web3 outfit also has plans to onboard other chains in the near future.
Implication for ADA Price
Amid the push for utility, the price of ADA, Cardano’s native asset, is poised to benefit more in the long term.
When writing, the coin changed hands for $0.7217, down by 1.67% in the past 24 hours. In an earlier ADA price analysis, the coin was projected to rally to $7 in the long term.
While this price target exceeds the previous all-time high (ATH) of $3.099, proponents are convinced the coin can hit the mark. The push by Charles Hoskinson, EMURGO, and the Cardano Foundation might help bolster the adoption of ADA overall.
- Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’
- CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300
- Peter Brandt Predicts XRP Could Drop to $2.2 If This Happens
- Fed’s Stephen Miran Says He’s ‘Sanguine’ on Inflation Outlook as He Backs More Rate Cuts
- S&P Launches Crypto 50 Index But There’s A Catch
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
