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Sovryn Brings DeFi Bitcoin to RSK

by firstcryptonews
December 23, 2020
in Industry
Ex-KFC Worker Busted for Building Bitcoin-Aided Crime Enterprise

During the last months, DeFi Bitcoin (BTC) tokens have been offering services on top of the Ethereum (ETH) network. However, these tokenized BTC coins do not offer the best solutions users can have. Indeed they may be affected by a lack of decentralization, capital efficiency and even they could have security issues.

This is why Sovryn is working to bring DeFi Bitcoin to RSK, one of the most advanced networks and certainly the most viable option to handle Bitcoin for decentralized finance solutions.

What is DeFi Bitcoin?

Decentralized Finance (DeFi) projects have been growing all over the world during this year. We have seen how projects such as Year.Finance or Uniswap attracted a large number of users. Yes, they are great platforms and offer fantastic solutions. Nonetheless, there is no safe, fast and reliable Bitcoin token for users that want to have exposure to Bitcoin.

Additionally, the current DeFi Bitcoin solutions in the market are not following the crypto market ethos of decentralization and security.

It is worth taking into account that Bitcoin has an on-chain market larger than the one of Ethereum, with an addressable market of $1 billion to $3 billion, in comparison to Ethereum with $500 million. The off-chain reach of Bitcoin is even larger with an addressable market of $3.5 billion, compared to $300 to $600 million on Ethereum.

Issues Affecting DeFi Bitcoin on Ethereum
Indeed, the most popular DeFi Bitcoin token, Wrapped Bitcoin (wBTC) is currently relying on just one Bitcoin custodian that is currently keeping users’ Bitcoins secure.

This custodian could be hacked, attacked or even affected by technical issues. If they lose these funds, nobody is going to give them back to you again.

Another solution, renBTC could be even worse. At the moment, this project is working with a multisig structure that could make things really unsafe for renBTC holders. When we talk about DeFi projects, we are talking about risky solutions and products. Do we need to add an additional risk when handling our DeFi Bitcoin?

Furthermore, tBTC is suffering from capital efficiency issues. After a bugy debut in May, this digital currency had to be relaunched by its team, but its adoption is still far from ideal. Would you trust an already failing project?

Sovryn Solutions on RSK
With Sovryn, you will be able to use Bitcoin for lending and trading in a totally decentralized manner and everything on top of the revolutionary RSK network. Bitcoin on RSK is going to be the most viable option for Bitcoin DeFi solutions right now.

The DeFi market expanded with traders, borrowers and lenders that were searching for decentralized solutions to carry these activities. Although Ethereum is offering some of these solutions, Bitcoin is still far from being adopted in the DeFi market due to the reasons we mentioned before.

However, Sovryn is working to bring the Bitcoin economy to the DeFi world by using the RSK network. With Sovryn, users will be able to perform leveraged trades in Bitcoin in a permissionless way and without having to give the custody of their coins to third-parties.

Sovryn will not only be providing you with the possibility to trade leverage the possibilities of DeFi on top of Bitcoin but they will be also focusing on UI and user experience. Most of the DeFi projects in the market do have a lack of easy-to-use interface, which makes it difficult for newcomers to start using these solutions.

This is why the team behind Sovryn is now working in order to provide the best DeFi solutions using the RSK network and making it easier for users to feel comfortable while using these solutions.

The RSK network works as a second layer and smart-contract protocol for Bitcoin, allowing the most popular cryptocurrency in the world to have more and unique features. Thus, RSK adds innovative solutions and allows for developers to create a wide range of products for Bitcoin to be even more useful.

The RSK network does not only allow for processing payments but it is also possible to use it to provide liquidity to blockchain-based assets, to trade digital currencies in a decentralized manner or to lend and borrow money using BTC holdings as collateral.

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NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world.  Contributing to the Greater Good  The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions.  The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more.  NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone.  NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks.  Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts.  According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships.  Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency.   The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin.  The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience.  More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers.  Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers.  According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow.  “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted.  The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world. Contributing to the Greater Good The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions. The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more. NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone. NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks. Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts. According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships. Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency. The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin. The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience. More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers. Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers. According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted. The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

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