Flare Network Acquired A Grant To Connect BTC With Algorand

Flare network acquired a grant to connect BTC with Algorand which will help boost the Algorand ecosystem so let’s read more about it in our latest Bitcoin news.

The EVM-Compatible layer-1 protocol Flare network acquired a grant to connect BTC with Algorand via the Bridge SupaGrant. The grant partnership between both companies will help boost the growth of the ecosystem and the DEFI industry at large. In the official press release shared recently, Flare noted that the bridge will enable secure and trustless interoperability between ALGO and BTC. It will boost Algorand’s interoperability with other non-smart contract tokens like XRP, DOGE, XLM, and LTC. Speaking on the new partnership, the head of DEFI at Algorand Foundation Daniel Oon said:

“We’re excited to partner with Flare and welcome them to the Algorand ecosystem. Our grant partnership with Flare will develop key DeFi infrastructure with a bridge to Bitcoin, opening up opportunities for further collaboration and innovation. We look forward to our partnership bringing value to our respective communities.”

Flare is a new L1 protocol designed to facilitate cross-chain interoperability without having to compromise security and promises to connect everything in the blockchain space. Flare will develop the bridge using innovative interoperability protocols like the Flare Time Series Oracle and the State Connector. Flare Network obtains the biggest decentralized price data using the fTSO protocol and the State Connector ensures that any open system can be proven to smart contracts on Flare. It also uses these two technologies to enable seamless and secure interoperability between multiple chains. They are forming the base of the BTC bridge that can be upgraded to support ALGO’s interoperability with the other smart contract layer-1 Tokens.
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The co-founder of Flare Sean Rowan said:

 “We have a huge amount of respect for the Algorand team and are excited to be developing a secure and trustless bridge for the Algorand ecosystem. The simple fact is that existing approaches to bridging have time and again been proven unsatisfactory. Flare’s new approach is an entirely different way, built from the ground up rather than being based on existing bridging technology – and will bring a breakthrough in secure, decentralized interoperability between any and all chains.”