Marathon Digital Holdings (NASDAQ:MARA) has integrated its multi-chain layer-2 network, Anduro, with the decentralized exchange network Portal to Bitcoin (available on Coinbase). This integration aims to enhance the utility of the Bitcoin (available on Coinbase) network by enabling atomic swaps, which allow for peer-to-peer transactions of cryptocurrencies across different blockchains.
Marathon, a publicly-traded Bitcoin (available on Coinbase) miner, began incubating Anduro in February, describing it as “a platform built on the Bitcoin (available on Coinbase) network that allows for the creation of multiple sidechains.” The integration with the San Francisco-based fintech provider and subsequent renaming to Portal to Bitcoin (available on Coinbase) was announced in an email shared with CoinDesk on Wednesday.
Previously known as Portal, the company raised $34 million in a seed round in March. It leverages the Bitcoin (available on Coinbase) layer-2 network Lightning to facilitate atomic swaps, enabling users to convert assets like Ethereum (available on Coinbase) (ETH) into Bitcoin (available on Coinbase) (BTC).
This development brings greater utility to Bitcoin (available on Coinbase), a feature common among Ethereum (available on Coinbase)-based assets and other blockchains but relatively new to Bitcoin (available on Coinbase). Anduro’s integration with Portal to Bitcoin (available on Coinbase) may also offer new revenue streams for miners. By using merge-mining, participating miners can earn Bitcoin (available on Coinbase)-denominated revenue from transactions on these sidechains while continuing to mine Bitcoin (available on Coinbase) on the base layer.
“Integrating Portal to Bitcoin (available on Coinbase) enhances the utility of Bitcoin (available on Coinbase) and presents new opportunities for revenue generation for miners,” said a Marathon spokesperson.
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