Binance-backed BounceBit Announces Strategic Partnership with Free Tech to Enhance Secure Cross-chain Transactions

UTC by Steve Muchoki · 3 min read
Binance-backed BounceBit Announces Strategic Partnership with Free Tech to Enhance Secure Cross-chain Transactions
Photo: Depositphotos

Through the partnership between BounceBit and Free Tech, users can seamlessly swap BBTC and BBUSD with over 50 top blockchains.

BounceBit, a fast-growing native Bitcoin (BTC) restating chain that combines both centralized and decentralized financial aspects, has announced a strategic partnership with Free Tech, a Web3 project that specializes in cross-chain asset transfers. According to the announcement, the collaboration will enhance the BounceBit ecosystem by providing secure cross-chain transfers for BBTC and BBUSD in more than 50 chains.

“With the integration of Free Tech, users can now directly swap BBTC and BBUSD onto the BounceBit Chain, enabling quick two-minute swaps with minimal fees or slippage across more than 50 top blockchains,” the announcement noted.

The partnership between BounceBit and Free Tech will aid small amount transfers,  involving less than 1 BTC, through the free express feature. Moreover, transactions facilitated through the Free Express platform are settled within 1-2 minutes. On the other hand, the Free Tunnel feature will enable secure large-scale asset transfer between different chains.

“With Atomic Lock Mint technology, it ensures secure cross-chain minting and multi-chain asset generation. Due to added security, these transactions take longer, from several hours to 3 days, making it suitable for larger operations,” the announcement added.

Market Implications of the BounceBit and Free Tech Collaboration

The mainstream adoption of digital assets and web3 products is largely pegged to the strategic collaborations and acquisitions made during the bear market. Already, the cryptocurrency market has entered a bull cycle following the recent fourth Bitcoin halving.

The collaboration between BounceBit and Free Tech will play a crucial role in the mainstream adoption of Bitcoin and other digital assets. Moreover, Bitcoin has become a multi-chain digital asset through the emerging layer-two smart contract-enabled protocols.

Notably, BounceBit is backed by reputable web3 venture capital firms led by Binance Labs, IDG Capital, Matrixport, OKX Ventures, HTC Ventures, DeFiance Capital, and Blockchain Capital, among many others. As a result, BounceBit has significantly succeeded in enabling a seamless bridge between CeFi and DeFi.

The collaboration announcement between BounceBit and FreeTech did not prevent the former’s native token from dumping in the ongoing market correction.

According to the latest crypto market data, BB token, a small-cap altcoin with a fully diluted valuation of about $1 billion and a daily traded volume of around $84 million, dropped 14 percent in the past 24 hours to trade around $0.4785 on Monday.

In a bid to ensure sustainable adoption, BounceBit has inked several strategic partnerships in the past. Earlier last month, BounceBit partnered with Ethena Labs to provide real-time yields for Bitcoin collaterals

Bigger Picture

The mainstream adoption of Bitcoin through spot BTC ETFs will help the flagship coin remain competitive among top blockchains. The notable growth of the BounceBit protocol will enable investors to continue earning passively while still exposed to Bitcoin volatility.

FinTech News, News
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