The RenBTC development team, behind the tokenized-Bitcoin project, will join Alameda Research, the venture firm and market maker in the crypto markets.
We’re excited to announce that the Ren development team will be joining Alameda Research!https://t.co/WmwkYRCw4y
— Ren (@renprotocol) February 2, 2021
In an interview with The Block, Alameda Research founder and FTX exchange Sam Bankman-Fried said that he expects the developers to maintain their effectiveness.
The Ren team is expected to add Solana support to the RenVM being developed. It is a cross-chain protocol that connects various blockchains to Ethereum. It currently supports networks including Bitcoin, Bitcoin Cash and Zcash.
“RenVM is currently undergoing an audit. We expect asset transfers into the Solana network and out of it to be available from the second quarter. This will have a significant impact on Serum and the entire ecosystem,” the developers wrote in a blog post.
Serum is a decentralized exchange supported by FTX, operating on the Solana blockchain.
The ability to transfer ETH, ERC-20 tokens, SOL, SRM and other assets supported by Solana will enable integrating this blockchain into the DeFi sector.
“Support for Solana and integration into Serum will attract new users to RenVM, strengthening its position as the network with the highest level of interoperability. We will see new assets, players and higher incomes for node operators,” enumerated the advantages by Ren CEO Taiyan Zhang.
Current arrangements also anticipate Alameda’s support to increase the decentralization of RenVM.
Earlier this year, Alameda Research participated in a funding round for the decentralized exchange Saddle Finance, positioned as a competitor to Curve and Uniswap.
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