Ren Protocol Adopts Chainlink's Tech to Improve renBTC's Transparency

Ren Protocol Adopts Chainlink's Tech to Improve renBTC's Transparency

By Abhimanyu Krishnan | News | 6 Oct 2020


On October 5, Chainlink (LINK) announced that the Ren (REN) protocol will use its proof-of-reserve solution to improve the transparency and auditability of cross-chain assets.

  • RenVM will use the Proof-of-Reserve to audit its cross-chain assets; initially supported assets will be renBTC, renBCH and renZEC
  • The integration is currently live on the testnet and will soon launch on the mainnet
  • By using the solution, REN boosts its security by ensuring that every cross-chain asset is backed by a corresponding asset on the native chain
  • DeFi dapps can also automate checks on the current collateralization of Ren assets
  • There is currently 25,457 renBTC on Ethereum, according to Dune Analytics
  • Institutional platform BitGo also announced on October 2 that it would use the Proof-of-Reserve mechanism to audit $1 billion in wrapped Bitcoin to ensure reserves

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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