A cross-chain bridge is a mechanism that allows different blockchain networks to communicate and transfer assets between each other. These bridges enable users to move tokens, data, or smart contracts across distinct blockchains, which typically operate independently.By using a cross-chain bridge, users can leverage the strengths of multiple networks, such as lower transaction fees or faster processing times. This becomes especially useful when a particular blockchain offers unique features or better scalability.Cross-chain bridges typically use smart contracts to lock assets on one chain and issue corresponding tokens on another chain. Once the transaction is completed, users can move their assets back through the bridge when needed.The rise of decentralized finance (DeFi) and non-fungible tokens (NFTs) has amplified the need for cross-chain solutions. As the ecosystem evolves, these bridges enhance interoperability, making it easier for users to navigate multiple blockchains and maximize their investment opportunities.
Ripple, Absa Partner to Launch Digital Asset Custody in South Africa
Ripple has entered a strategic partnership with Absa Bank to provide digital asset custody services to customers in South Africa,