DeFi protocol Ren launches its core product RenMV
- DeFi protocol Ren has launched RenMV, facilitating tokenized Bitcoin, Bitcoin Cash, and Zcash in the form of ERC-20s.
- It also plans to launch tokenized representations of crypto assets for other blockchain networks like Celo and Libra.
- The project will spend the next few months ensuring that the RenVM goes smoothly, says Ren CEO.
Decentralized finance (DeFi) protocol, Ren, has recently launched its core product “RenMV,” which 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 is also planning to roll out tokenized representations of crypto assets for other leading blockchain networks such as Celo and Libra. RenVM tokens will be supported by Ren Alliance, a consortium of more than 50 companies working to develop, secure and utilize the protocol. Some of the alliance members include Kyber Network, Aave, Matic, Polychain Capital, Synapse Capital and Idex.
Polychain’s Sherwin Dowlat said:
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.
According to a Cointelegraph report, Zhang said that Ren will spend the next few months ensuring that the RenVM goes smoothly.
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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
