In an October 3rd announcement at the Cosmoverse 2023 Conference, Osmosis revealed users will be able to bridge Bitcoin to Cosmos via the Nomic bridge for a 1.5% fee. They will receive nBTC, an IBC-compatible token issued by Nomic Chain, on a 1:1 basis that can be traded on Osmosis and used across 50+ Cosmos app chains.
Per Osmosis co-founder Sunny Aggarwal, “Bitcoin is in deep need of an application DeFi ecosystem, and Cosmos is in need of a base money asset that can serve as its primary store of value. Nomic will help make this long-awaited union for a Bitcoin-centric Cosmos a reality.”
The nBTC Interchain Upgrade launching on October 27th will integrate Bitcoin into the ecosystem. A Kujira partnership also enables using nBTC as collateral for stablecoin minting. The early bridging volume will be capped at 21 BTC.
The integration is a milestone bringing Bitcoin’s brand and liquidity into the interconnected Cosmos network. Osmosis is set to provide a new DeFi home for Bitcoin.
