RenVM Mainnet Is Now Live Supporting DeFI Interoperability
RenVM Mainnet Is Now Live Supporting DeFI Interoperability
May 27, 2020
RenVM Mainnet Is Now Live Supporting DeFI Interoperability
RenVM Mainnet Is Now Live Supporting DeFI Interoperability
May 27, 2020

On May 27 DeFi protocol Ren with backing from Polychain Capital and FBG Capital, launched its core product ‘RenVM’.

RenVM allows users to create tokenized Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC) in the form of ERC-20s for use on the Ethereum ecosystem. 

Taiyang Zhang, co-founder, and CEO of Ren said:

“Successfully launching RenVM’s mainnet is a critical step in our long-term mission of creating a decentralized platform for DeFi that is self-sustaining and advances the industry as a whole.”

Zhang adds:

“Generic interoperability has been a thorn in DeFi’s side, and we’re thrilled that RenVM is now solving this problem by enabling cross-chain liquidity to crypto investors everywhere.”

Ren also plans to introduce tokenized representations of crypto assets for other leading blockchain networks in the future, such as Libra and Celo.

ALSO READ :  Filecoin Unveils Incentivized Testnet Prior To Mainnet Launch

RenVM tokens will be supported by the members of the recently formed Ren Alliance, a consortium of more than 50 firms who will work to secure, develop, and utilize the protocol.

The alliance includes many leading DeFi projects such as:

  • Kyber Network
  • Aave
  • Matic
  • Polychain Capital
  • Synapse Capital
  • Idex

Polychain’s Sherwin Dowlat states:

“RenVM is an elegant solution for solving generic interoperability, and we’re thrilled to help guarantee the safety of RenVM by serving as a darknode in its semi-decentralized core.”

Zhang adds that more alliance members will be integrating support for RenVM soon:

“As it really matures and it gets battle-tested then we will be rolling out more stages and allowing more people to really interact with the system.”

Zhang notes on Defi that the sector is still “very nascent, and there is still a lot of room to grow,” emphasizing the increased liquidity pool that tokenized Bitcoin opens up for Ethereum-based DeFi protocols.

ALSO READ :  UAE's Health Ministry Launches Blockchain Platform For Medical Data

Source: Cointelegraph | Image: Unsplash


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.