What is a crypto bridge? How tokens move between blockchains
By SendPay Business Ā· Ā· 2 min read
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A crypto bridge is a service that lets you move tokens from one blockchain to another, such as from Ethereum to a layer 2 network. Blockchains cannot read each other's records, so a bridge acts as the go-between.
How a lock-and-mint bridge works
- You send tokens to the bridge on the first blockchain.
- The bridge locks them there.
- It creates (mints) the same amount of a matching token on the second blockchain.
- To go back, the matching tokens are destroyed and the originals are unlocked.
Wrapped tokens
The token you receive on the second chain is often called a wrapped token. It is only worth the same as the original as long as the bridge still holds the locked tokens and keeps working.
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Why bridges get hacked
A bridge holds a large pool of locked tokens, which makes it an attractive target. Some of the largest crypto thefts have hit bridges, including the Ronin bridge in 2022. Bugs in the bridge's code or weak control over who can approve withdrawals are common causes.
Where SendPay fits
SendPay does not offer bridges or other DeFi tools. SendPay platforms let your customers buy, sell and hold crypto next to their cash under your brand, with assets held with regulated partners and a trading fee you set.
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Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.