Polychain Capital-Backed Bioniq Launches Unique Bitcoin Ordinals Platform on ICP

The Ordinals protocol, known for inscribing NFT-like assets on the Bitcoin blockchain, took center stage in the crypto world at the beginning of the year.

Now, a new development emerges as Bioniq, the latest Bitcoin Ordinals marketplace backed by Polychain Capital, officially opens on the Internet Computer (ICP) blockchain. Bioniq treats ICP as a layer-2 scaling network, positioning itself as the “world’s fastest” Ordinals marketplace. It features a built-in wallet with optional Google login via Web3Auth and stands out by not charging network transaction or gas fees to traders. Utilizing a token wrapping process on Internet Computer, Bioniq allows Bitcoiners to transfer assets, wrap Ordinals assets, and trade on the faster ICP network without fees.

The platform claims this process is superior to the commonly used partially signed Bitcoin transactions (PSBTs) on the slower Bitcoin network. Bioniq also boasts unique functionalities, including easily adjustable offers and English auctions with a set reserve price. Looking ahead, Bioniq plans to build a launchpad for new collections, enable users to borrow crypto with Ordinals assets as collateral, and facilitate collection offers for desired projects.

Clever Robot News Desk 1^st December 2023