Cardano Lace Wallet Goes Multichain With Bitcoin Integration

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.