In a recent announcement, Cardano founder Charles Hoskinson revealed that the Lace wallet now supports Bitcoin (BTC), marking a pivotal moment for the platform.
With the release of Lace version 1.22, users can securely store, send, and receive BTC directly within the wallet, eliminating the need for third-party services.
As a recent Crypto News Flash (CNF) update highlighted, Lace Wallet’s Bitcoin integration marks a significant step toward multichain functionality. It can also simplify user experience and enhance Bitcoin’s utility in DeFi.
According to some recent reports, this integration signifies Lace’s transition into a multichain wallet, aligning with Cardano’s vision of fostering cross-chain interoperability. This release, Lace 1.22 as shared in a recent tweet by Lace.io, is going multichain, starting with Bitcoin.
Lace 1.22 is here!
This release is a big one!
₿ Bitcoin Beta Launch – That’s right. Lace is going multichain, starting with Bitcoin. Users in our beta program can now store and manage BTC directly from Lace.
️ DRep Identification: We’ve corrected an issue where some…
— lace.io (@lace_io) April 28, 2025
Furthermore, the addition of Bitcoin support is not merely a technical upgrade; it represents a strategic move to bridge Bitcoin’s vast liquidity with Cardano’s smart contract capabilities.
Enhancing DeFi Prospects and User Experience
The integration of Bitcoin into Lace opens new avenues for DeFi applications on Cardano. Users can now engage with Bitcoin-based DeFi opportunities directly through the Lace wallet, simplifying the process and broadening participation.
Not only that, but recently the Cardano founder also confirmed, according to a recent CNF post, that Lace Wallet is also being integrated with XRP. This development is expected to attract Bitcoin holders seeking to explore DeFi without converting their assets into other cryptocurrencies.
Furthermore, the Lace wallet’s user-friendly interface ensures that both novice and experienced users can navigate the multichain functionalities with ease. The seamless integration of Bitcoin enhances the wallet’s appeal, potentially driving increased adoption and engagement within the Cardano ecosystem, according to AInvest.
Market Dynamics: ADA’s Position Amidst Broader Trends
Despite these fluctuations, the integration of Bitcoin into the Lace wallet could bolster ADA’s utility and market perception. By facilitating direct interactions between ADA and BTC, Cardano enhances its appeal to a wider user base, potentially influencing ADA’s market performance positively in the long term.
At the time of writing, Cardano’s ADA token is trading at approximately $0.7112, experiencing a slight decrease of 1.29% over the past 24 hours but increasing significantly by 11.09% in the past week. This movement reflects broader market trends, with Bitcoin also seeing a marginal decline, currently priced at around $94,831. See ADA price chart below.