BIFROST, the first blockchain middleware that enables multichain connectivity, has launched Biport Wallet, a universal passport to the multichain world of decentralized finance (DeFi).
Open-source and decentralized, Biport Wallet connects to multiple blockchain networks, enabling crypto users to manage multiple cryptocurrencies all in one place. Currently supporting cryptocurrencies across blockchain networks including Bitcoin, Ethereum, Binance Smart Chain, Avalanche and Klaytn, Biport Wallet is designed from the ground up to offer a seamless and secure multichain experience, democratizing access to the world of DeFi, BIFROST said in its press release.
To commemorate the launch of Biport Wallet, BIFROST Chief Executive and co-founder Dohyun Park said that despite the rapid growth and advantages of blockchain technology in less than a decade, there are still many inherent challenges that hold it back from achieving its true potential. "As we envision a truly interoperable DeFi landscape, the launch of Biport Wallet marks an important milestone in fulfilling our mission of providing efficient, convenient, yet secure DeFi products for all users -- whether it's early adopters, advanced traders or new users," he said.
According to BIFROST, most wallets first require connection to Ethereum-based tokens, adding a layer of complexity for ordinary users with little knowledge of the blockchain network. In addition, general digital asset wallets typically don't allow users to remit and store cryptocurrencies beyond Ethereum ERC-20 tokens, resulting in scalability issues and limiting the potential growth of the general DeFi ecosystem. With Biport Wallet, these pain points associated with most digital asset wallets are resolved -- users can send, receive, and store a wide range of digital assets without compromising on convenience and security, the company said.
In addition, Biport Wallet reduces user friction that exists when performing multichain transactions for digital assets, enabling users to access fundamental peer-to-peer services and multichain features that allow for the storage and management of a wide range of Bitcoin, ERC-20, BEP20 and C-Chain tokens, the company said.
Key features of Biport Wallet
Biport features true multichain connectivity, enabling users to manage a diverse portfolio of cryptocurrencies across different blockchains all in one place. With Biport's multichain capabilities, users will be able to send, receive and store a wide range of assets across networks in a secure environment, bringing unrivalled convenience and peace of mind. Biport initially supports Ethereum, Binance Smart Chain, Avalanche and Bitcoin.
Biport Wallet will support MetaMask, a widely used decentralized wallet. With the MetaMask Support feature, users will be able to access and use all DApps that support MetaMask, providing users with a broad range of protocols including Uniswap, SushiSwap, Compound and Aave.
Biport Wallet will be integrated with BiFi, the first DeFi to connect Bitcoin and Ethereum networks and offer native Bitcoin lending. With true multichain connectivity, users will be able to directly deposit assets to the BiFi Lending pool from the wallet to earn interest as well as BiFi tokens to maximize yield.
Earlier this year, BIFROST also launched BiFi, the first native Bitcoin lending on DeFi, connecting both Bitcoin and Ethereum networks. Fully integrated with Biport Wallet, users will be able to easily access digital asset deposit and loan services through BiFi, allowing for enhanced connectivity. To provide users with greater accessibility across the DeFi ecosystem, Biport Wallet will also be integrated with the entirety of BIFROST and BIFI products in the coming months, the company said.