Startup Ren introduced a protocol for connecting Bitcoin, Ethereum, Bitcoin Cash and Zcash

Ren introduced the RenVM network, connecting Ethereum with other popular blockchains, including Bitcoin, BitcoinCash and Zcash. It is reported by The Block.

The developers are convinced that the new protocol will serve as a powerful driver for the development of decentralized finance (DeFi).

“By eliminating liquidity from the barriers that have long held back the growth potential of DeFi, RenVM will become a reliable and accessible tool for all users of decentralized finance”, - said startup representatives.

RenVM accepts non-ETH assets for storage by issuing the appropriate number of ERC-20 standard tokens - renBTC, renBCH and renZEC. Coins are already available on the Ethereum network.

Various DeFi-projects can ensure the interaction of their smart contracts with the RenVM protocol and create interfaces for depositing and withdrawing renBTC, renBCH and renZEC.

According to representatives of Ren, their protocol differs from similar solutions like WBTC or imBTC primarily in that it does not rely on a centralized repository of assets.

Technical Director Ren Lung Wang said that in the future the project plans to add support for the upcoming Libra and the digital renminbi.

In 2018, Ren raised 35,000 ETH during the token sale (approximately $ 30.5 million at the exchange rate at that time). Well-known companies such as Polychain Capital, FBG and Huobi Capital contributed to the project.

Recall, recently the founder Vitalik Buterin said that stablecoins can effectively act as “instant bridges” between various blockchains.