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Coinbase and FTX Enhance Blockchain To Avoid Crypto Bridge Hacks

coinquora.com 09 May 2022 19:48, UTC
Reading time: ~2 m

Crypto networks and other businesses are creating next level technology as an alternative to crypto bridges. This is a response to the rising hack issue of swap bridges in the crypto-verse. The Wormhole and Ronin bridge are some of the hacking incidents that caused over $1 billion.

Coinbase and FTX are examples of crypto platforms that strengthen their tech to provide their users a safe bridge over various blockchains. This way, users of the platform can transact Bitcoin and Ethereum safely with other networks and gaming apps. The FTX marketplace is a very good example of tech used to eliminate the use of bridges.

Aside from these exchanges mentioned above,  there are also some platforms in the space that offer other options. Maple, a network launched on Solana, is building a version for blockchains to help users avoid bridges.

Sid Powell, CEO of Maple Finance, stated:

“The institutional and the corporate partners that we’ve dealt with really wanted this security. As security and performance of decentralized bridges get better, more people will likely begin to use them.”

He added that Maple is considering expanding their reach to other networks such as Avalanche. Through this, Maple will be able to expand its reach to Solana but also with the Avalanche community.

On the other hand, these blockchain technologies that are currently created to avoid the use of swap bridges are just options. It is still up to the community on what they prefer best that suits their appetite. Nevertheless, in depth research and crypto knowledge is a must before investing into cryptocurrency. These things will allow users to avoid unexpected losses that are common in the space.

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