BounceBit, Free Tech to Improve Cross-chain Transactions

BounceBit, backed by Binance, is now working with Free Tech to improve the security of Cross-chain transactions in crypto.

Free Tech, a Web3 initiative that specializes in cross-chain asset transfers, has announced a strategic partnership with BounceBit, a fast-growing native Bitcoin (BTC) restating chain that combines both centralized and decentralized financial aspects. The BounceBit ecosystem will be improved by the collaboration, which will enable secure cross-chain transfers for BBTC and BBUSD in over 50 chains, according to the announcement.

The announcement stated that the integration of Free Tech has enabled users to directly exchange BBTC and BBUSD onto the BounceBit Chain, facilitating quick two-minute swaps with minimal fees or slippage across more than 50 top blockchains.

Through the free express feature, the partnership between BounceBit and Free Tech will facilitate transfers of tiny amounts, which are less than 1 BTC. The Free Express platform also facilitates transactions resolved within 1-2 minutes. Conversely, the Free Tunnel feature will reduce the secure transmission of assets between various chains on a large scale.

“The Atomic Lock Mint technology guarantees the secure generation of multi-chain assets and cross-chain minting.” The announcement also stated that these transactions are suitable for more extensive operations, as they take longer, ranging from several hours to three days, as a result of the increased security.

The Market Consequences of the BounceBit and Free Tech Collaboration

The strategic collaborations and acquisitions executed during the bear market are primarily responsible for the widespread adoption of digital assets and web3 products. The cryptocurrency market has entered a bull cycle in response to the recent fourth Bitcoin halving.

The collaboration between BounceBit and Free Tech will significantly influence the mainstream adoption of Bitcoin and other digital assets. Moreover, the emergence of layer-two innovative contract-enabled protocols has transformed Bitcoin into a multi-chain digital asset.

Notably, BounceBit is funded 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. This has resulted in BounceBit’s substantial success in establishing a seamless connection between CeFi and DeFi.

The ongoing market correction did not prevent the native token of BounceBit from being dumped, despite the announcement of collaboration between FreeTech and BounceBit.

BB token, a small-cap altcoin with a fully diluted valuation of approximately $1 billion and a daily traded volume of roughly $84 million, experienced a 14 percent decline in the past 24 hours, trading at roughly $0.4785 on Monday, according to the most recent crypto market data.

BounceBit has previously established numerous strategic partnerships to guarantee sustainable adoption. BounceBit collaborated with Ethena Labs earlier last month to offer real-time yields for Bitcoin collaterals.

A broader perspective

The flagship coin will remain competitive among top blockchains due to the mainstream adoption of Bitcoin through spot BTC ETFs. The BounceBit protocol’s substantial expansion will allow investors to continue earning passively while remaining vulnerable to Bitcoin volatility.