SEOUL, South Korea, Nov. 5, 2021 /PRNewswire/ -- BIFROST, the world's first blockchain middleware that enables true multichain connectivity, announced the launch of Biport Wallet, a universal passport to the multichain world of decentralized finance (DeFi). Open-source and decentralized, Biport Wallet seamlessly 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 the most seamless and secure multichain experience, democratizing access to the world of DeFi.
One Wallet, All Chains
Despite users' needs for easy-to-use digital asset wallets, most wallets today require connection to Ethereum-based tokens first, adding a layer of complexity for ordinary users with little knowledge of the blockchain network. Furthermore, general digital asset wallets typically do not allow users to remit and store cryptocurrencies beyond Ethereum ERC-20 tokens, and this results in scalability issues, 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.
Biport Wallet also reduces user friction that exists when performing multichain transactions for digital assets, enabling users to access fundamental peer-to-peer (P2P) services and multichain features that allow for the storage and management of a wide range of Bitcoin, ERC-20, BEP20, and C-Chain tokens.
Key features of Biport Wallet include:
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 (BSC), Avalanche, and Bitcoin.
Biport Wallet will support MetaMask, one of the most widely used decentralized wallets today. 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 spanning Uniswap, SushiSwap, Compound, Aave, and many more.
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 BiFi Lending pool from the wallet to earn interest as well as BiFi tokens to maximize yield.
Commenting on the launch of Biport Wallet, Dohyun Park, CEO & Co-Founder of BIFROST, said: "Blockchain has changed the fabric of our financial system in less than a decade. Yet despite the compelling advantages of the technology, 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."
One Vision for the Ultimate Multichain Experience
Earlier this year, BIFROST also launched BiFi, the world's first native Bitcoin lending on Decentralized Finance (DeFi), connecting both the 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.
"At BIFROST, we are committed to developing innovative products that not only solves the pain points for users looking to participate in DeFi, but also engineer reliable products with security and scalability in mind. As we continue to create a multichain decentralized infrastructure that allows capital to flow seamlessly across blockchains, our innovation will not stop here — with Biport Wallet as a gateway to crypto, DeFi, NFTs, and GameFi, we will continue to bring the latest developments and the best features to our users, bringing the best multichain experience for all users," Park added.
BIFROST is a multichain middleware platform that enables developers to create Decentralized Applications (DApps) on top of multiple protocols. Not restricted to a single blockchain, BIFROST creates a new environment where developers can combine the best protocols to develop substantially more scalable and flexible DApps.