Algorand Foundation gives Flare Network SupaGrant to develop Bitcoin bridge

The Algorand Foundation has awarded Flare, a Layer 1 blockchain network aimed at providing interoperability across blockchains, with the Algorand Foundation Bridges SupaGrant, according to a press announcement released on Tuesday.

Flare, which seeks to “connect everything” via a suite of solutions tailored for cross-chain interoperability, will use the funds to develop a Bitcoin bridge. The move is set to see Flare help supercharge growth in the Algorand ecosystem.

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Sean Rowan, the CTO and co-founder of Flare said the bridge will offer “secure, decentralized interoperability.”

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.”

Trustless interoperability between ALGO and BTC

The bridge will allow for “secure trustless interoperability” between the Algorand (ALGO) token and Bitcoin (BTC). Other non-smart contract tokens to benefit from the bridge will be Dogecoin (DOGE), Litecoin (LTC), XRP (XRP) and Stellar (XLM). 

Commenting on the possibility of the partnership with Flare helping open up DeFi infrastructure on Bitcoin, Daniel Oon, Head of DeFi, Algorand Foundation noted:

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 Network’s Layer 1 blockchain is designed to help blockchains connect, with compatibility to the Ethereum Virtual Machine part of its goal to scale platforms for Web3.