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Lombard acquired Avalanche cross-chain Bitcoin assets BTC.b from Ava Labs.
Foresight News reports that, according to The Block, the Bitcoin DeFi protocol Lombard Finance has acquired the cross-chain Bitcoin asset BTC.b from Ava Labs. BTC.b was launched in 2022 and currently has a market capitalization of approximately $502 million, and it has been integrated into multiple DeFi protocols, including Aave, BENQI, and LFJ. Under the new arrangement, BTC.b will continue to operate on the Avalanche platform, with its contracts, name, and integrations remaining unchanged, while transitioning to Lombard's technical infrastructure. Ava Labs stated that this move will allow it to focus on its core business.