Blockchain interoperability project pNetwork (CRYPTO: PNT) announced that, with the addition of Algorand (CRYPTO: ALGO) network to its system, its users can now move non-fungible tokens (NFTs) across 11 different blockchains.
What Happened: According to an announcement shared with Benzinga, pNetwork received a grant from Algorand to bring it on board of its interoperability ecosystem.
The firm claims that its platform powers the highest number of cross-chain connections in the industry, which allows sharing assets and data across various blockchains.
So far, pNetwork added support for Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), Litecoin (CRYPTO: LTC), Binance Smart Chain (CRYPTO: BSC), Polygon (CRYPTO: MATIC), xDAI (CRYPTO: xDAI), EOS (CRYPTO: EOS), Telos (CRYPTO: TLOS), Ravencoin (CRYPTO: RVN) and Algorand (CRYPTO: ALGO).
The project's lead Thomas Bertani explained that the system's purpose is to connect the decentralized applications (DApps) present in the entire crypto asset ecosystem.
"Via pNetwork, financial applications building on Algorand can access the larger crypto market and open up to the flourishing DeFi ecosystem," Bertani explained.
See also: How to Make Your Own NFT
Allowing the transfer of assets across blockchains can spread liquidity around and move tokens that were created on ecosystems plagued by high fees and slow transaction speeds onto more efficient networks where they can be used more easily.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!