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.”
“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.
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
- Polychain Capital
- Synapse Capital
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.
Source: Cointelegraph | Image: Unsplash
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