Multichain, a multi-chain platform, has announced the integration of the Bitcoin (BTC) Rootstock (RSK) smart contract protocol into its ecosystem. This will allow users to exchange Ether (ETH), US Dollar (USDC), Binance USD (BUSD) and other assets between RSK, Ethereum and BNB Chain.
According to an announcement on Monday, the integration is a milestone for Multichain as it opens access to decentralized finance (DeFi) on Bitcoin. This add-on will allow users to take advantage of the security and functionality of RSK.
The integration will enable RSK to bring Bitcoin into the Multichain ecosystem while providing access to new markets and use cases for its users. The RSK sidechain is the first Bitcoin-based sidechain to be integrated into Multichain. It has a unique position in the world of Bitcoin enthusiasts as well as DeFi powered by the Ethereum Virtual Machine (EVM).
The company said its integration with Rootstock aims to provide essential benefits to builders who use RSK. They won’t have to expend resources to build bridges to routable capital and markets, for example. They will also have a faster time commercializing new platforms based on RSK.
Users can start linking ETH, USDC, BUSD, BNB, WBTC and DAI between the RSK network and Ethereum. Multichain will add additional chains and tokens to the RSK network in the coming weeks and months. Diego Gutierrez Zaldivar, co-founder of RSK, stated:
“RSK is the DeFi home to the fastest growing Bitcoin ecosystem with protocols designed to last and provide real solutions to the problems faced by users in central finance.”
The anyCall interoperability protocol has been updated by Multichain, which allows cross-chain communications and name contracts. It will be a valuable tool for building cross-chain decentralized applications on Rootstock and other supported networks.
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Rootstock, the brainchild of Bitcoin Core developer Sergio Lerner, went through several years of development before launching the initial mainnet in January 2018. “Rootstock primarily aims to be what is Ethereum, a fully Turing and decentralized smart contract platform. However, Rootstock aims to leverage the Bitcoin ecosystem rather than create a new one from scratch,” blockchain engineer Albert Szmigielski stated in a 2016 blog post.