VirgoX is delighted to announce that RenBTC, a bitcoin-backed ERC-20 token, will be available to trade on VirgoX digital asset trading platform starting June 23, 2020. Moreover, VirgoX has joined Ren Alliance to expand the utility of DeFi.
VirgoX positions itself as a revolutionary one-stop stablecoin focused digital asset trading platform. VirgoX is committed to establishing a world stablecoin trading center by launching diverse well-designed stablecoins projects, including fiat-backed, crypto-backed, and asset-backed.
Bitcoin-backed tokens are maturing quickly by featuring in a higher decentralization and transparency, greater liquidity, easy and fast transactions. Besides, as interest in and adoption of Defi continues to grow, bitcoin-backed tokens are gaining more traction in recent years. According to btconethereum, the number of bitcoin-backed tokens on Ethereum has doubled from 2,500 to 5,000 in May and has surpassed 5500 in June.
RenBTC is a bitcoin-backed token issued on Ethereum by Ren Protocol. It aims to combine the liquidity and maturity of BTC with the functionality of ETH. Meanwhile, Ren is a decentralized custodian that holds bitcoin without the counterparty risk. The massive bitcoin holders can discover a new world in crypto by entering Ethereum’s DeFi ecosystem, fast, easily and safely.
“Excited to see RenBTC listed on VirgoX, its first centralized exchange. It speaks to the benefits of the ERC20 token standard, its utility in DeFi, and ultimately the convergence of decentralized & centralized ecosystems via RenVM.”-Michael Burgess,COO of Ren
“ VirgoX is the first centralized exchange to support RenBTC. We are very excited about the potential of RenBTC and being a member of Ren Alliance. RenBTC can bring a faster settlement for BTC transactions and VirgoX will compliment Defi network to provide another way to further generate yields for RenBTC.” -Adam Cai, CEO of VirgoX
VirgoX will enrich the stablecoin ecosystem ranging from spot and contract trading, lending, global payments and remittance; traders can experience a full-functioning stablecoin trading platform. VirgoX will launch more innovative products, such as stablecoin-empowered FX pairs, meeting the present needs of users and anticipating future demands.
VirgoX is a revolutionary one-stop Stablecoin focused digital asset trading platform inspired by global adoptions of Stablecoins and growing demands for integrated exchange services. VirgoX offers spot & contracts trading, crypto lending and multiple currency fiat onramp and offramp, all integrated into one place that truly meets users’ needs and beyond.