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Bitget Wallet Enhances BTC Ecosystem Support with ARC-20 Inscription and Lightning Network Integration – CoinJournal

Victoria, Seychelles, February 8th, 2024, Chainwire

The world-leading Web3 trading wallet, Bitget Wallet, has announced the support of ARC-20 inscriptions and integration of the Bitcoin Lightning Network in its latest version, further bolstering its support for the Bitcoin ecosystem.

ARC-20 Inscription

In its latest app version, Bitget Wallet now supports ARC-20 inscriptions, enabling users to inscribe ARC-20 inscriptions and check market trends. Bitget Wallet is committed to enhancing the mobile user experience and will continue to expand support for ARC-20 inscriptions. While most ARC-20 inscription products are primarily designed for PC use, Bitget Wallet prioritizes a seamless mobile experience, focusing on delivering products and services that allow users to easily inscribe anytime, anywhere.

Recognizing the value consensus and potential development of Bitcoin and its derivative assets, Bitget Wallet previously supported BRC-20 assets, offering features such as asset display, transfers, market trends for BRC-20, and launching GetScribe tools. Supporting ARC-20 inscriptions will help address challenges like infrastructure gaps, limited public understanding, and high entry barriers, fostering the development of the inscription’s ecosystem.

ARC-20, much like the widely-discussed BRC-20 in the blockchain community, boasts unique technical advantages. However, it faces challenges such as incomplete infrastructure, limited public awareness, and a relatively high entry barrier. As a Web3 wallet with 15 million users, Bitget Wallet is committed to offering convenient and user-friendly products and services. The integration of ARC-20 support is expected to address these issues and contribute to the development of the inscription’s ecosystem.

In addition to Bitget Wallet, Bitget Exchange actively supports the inscription ecosystem, combining decentralized and centralized strategies to provide services for users. Users can engage in inscription, viewing, and transferring on Bitget Wallet, participate in new asset Launchpad, and then trade inscription assets on Bitget Exchange.

Embracing the Lightning Network, Recognizing Growth Potential

Bitget Wallet also maintains focus and support for Bitcoin Layer 2 solutions like the Lightning Network.

The latest version enables users to create Bitcoin Lightning Network accounts, generating email-style addresses as Lightning Network identities. Users can transfer and receive SATs on the Lightning Network via LNURL or invoice. The Lightning Network, a second-layer solution for Bitcoin, enables faster and lower-cost BTC transfers, ideal for micro-payments.

Alvin Kan, Chief Operating Officer of Bitget Wallet, emphasized the transformative potential of the Lightning Network, positioning it as a pivotal solution to scalability challenges and a catalyst for future growth and innovation within the Bitcoin ecosystem. Alvin envisions the Lightning Network enhancing Bitcoin’s practical utility, attracting a broader user base, and paving the way for the development of sophisticated decentralized applications (DApps), novel assets, and expanded features.

Bitget Wallet not only provides essential functionalities such as the display and management of BTC assets, swap trading, and seamless on-ramp options but also ensures compatibility with the Taproot protocol and seamless integration with the Lightning Network. The roadmap for the wallet includes streamlining asset transfers, enhancing operational efficiency, facilitating swaps between BTC mainnet and Lightning Network assets, and supporting cross-chain transactions between BTC and EVM assets.

Due to the surge in Bitcoin ecosystem assets like inscriptions, alongside the Lightning Network, the discussion around Bitcoin Layer 2 (L2) has been reignited. Numerous new L2 projects are emerging, aiming to enhance liquidity and foster innovation and prosperity within the Bitcoin ecosystem.

Bitget Wallet is actively supporting and collaborating on Bitcoin L2, providing wallet infrastructure services for L2 and facilitating user access to Bitcoin L2 efficiently. Currently, many new Bitcoin L2 solutions leverage EVM chains as extension layers. Native Bitcoin ecosystem wallets may not support EVM chains. However, with a track record of successful expansion and deep involvement in the multi-chain domain, Bitget Wallet excels in compatibility and support for both EVM chains and BTC chains, effectively meeting the needs of projects and users.

Currently, Bitget Wallet excels in various product functionalities, including BTC asset management, Swap transactions, OTC, inscription asset market trends, inscription, Lightning Network integration, and support for Bitcoin Layer 2. In the realm of the Bitcoin ecosystem, Bitget Wallet has emerged as a leading player, offering well-rounded ecosystem support.

Furthermore, Bitget Wallet actively expands collaborations with 20+ Bitcoin ecosystem projects, fostering wallet connectivity. Additionally, through cooperative efforts with protocols and project teams, Bitget Wallet is actively contributing to the growth of the Bitcoin ecosystem, providing users with new assets and opportunities.

In the wake of the rising popularity of inscriptions, particularly within the Bitcoin ecosystem, Bitget Wallet foresees sustained empowerment. The anticipated growth in Bitcoin value and the introduction of innovative inscription assets are poised to contribute significantly to the dynamic development of the Bitcoin ecosystem and the inscription market throughout the upcoming year.

“The current state of the wallet market infrastructure is still evolving and lacks comprehensive coverage, presenting a clear opportunity that we recognize,” commented Alvin Kan, “The team places considerable emphasis on the Bitcoin ecosystem, with Bitget Wallet striving to bridge existing gaps in wallet support, positioning itself as a pivotal contributor to ecosystem development.”

About Bitget Wallet

Bitget Wallet stands as Asia’s largest and one of the world’s top non-custodial Web3 wallets, boasting over 15 million users globally. Featuring a comprehensive array of features including asset management, intelligent market data, swap functionality, launchpad, inscribing, DApp browsing, and more, Bitget Wallet promises users an unmatched multi-chain Web3 experience. Currently, Bitget Wallet supports over 100 blockchains, hundreds of EVM-compatible chains, and more than 250,000 cryptocurrencies. By aggregating liquidity across hundreds of leading DEXs and cross-chain bridges, Bitget Wallet is able to facilitate seamless and efficient trades on 40+ blockchains.

Bitget Wallet emerges as the premier choice for Web3 users seeking to discover new assets and opportunities. The platform’s intelligent data feature offers market-wide trend analyses and multi-dimensional market rankings together with smart money movements, providing users with an unbeatable trading experience. Features such as Launchpad, Fair LaunchPool, and omnichain inscribing also offer users various ways to participate in new projects and a head start in adding new assets into their portfolio. Additionally, Bitget Wallet’s incentivized interaction platform, Task2Get, grants exciting rewards to users who interact with various featured ecosystems, fostering a dynamic multi-chain experience for everyone.

To better safeguard user funds, Bitget Wallet has established a cutting-edge security matrix, employing multiple safeguards to protect user transactions and interactions. By integrating MPC and AA wallet technology, as well as hardware wallet compatibility, Bitget Wallet is able to offer strong asset management options for users. Further, the core codes of Bitget Swap and NFT market also undergo rigorous audits by external security audit firms to bolster the platform’s defenses against malicious threats. Bitget Wallet users are also eligible to share in a $300 million user protection fund with Bitget, providing yet another layer of added security.

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Rachel Cheung
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