Multichain, a cross-chain platform, has announced the integration of the Bitcoin-based (BTC) smart contract protocol Rootstock (RSK) blockchain into its ecosystem. This will allow users to exchange Ether (ETH), USD Coin (USDC), Binance USD (BUSD), and other assets between RSK, Ethereum, and BNB Chain.
According to Monday’s announcement, the integration is a major milestone for Multichain because it opens up access to decentralized finance (DeFi) on Bitcoin. This addition will allow users to take advantage of RSK’s security and functionality.
The integration will enable RSK to bring Bitcoin to Multichain’s ecosystem while also providing access to new markets and use cases for its users. The RSK sidechain is the first Bitcoin-based sidechain to be incorporated into Multichain. It has a unique place in the world of Bitcoin enthusiasts, as well as with EVM-powered DeFi.
The company said its integration with Rootstock is meant to provide fundamental benefits to builders utilizing RSK. They won’t have to spend resources building bridges to capital and addressable markets, for example. They will also have a quicker time to market for new platforms based on RSK.
Users may start bridging their ETH, USDC, BUSD, BNB, WBTC, and DAI between RSK’s network and Ethereum. Multichain will add additional chains and tokens to the RSK network in the coming weeks and months. RSK Co-Founder Diego Gutirrez Zaldvar stated:
“RSK is home to the fastest-growing DeFi for Bitcoin ecosystem with protocols that are built to last and provide real solutions to the issues users face in centralized finance.”
The anyCall interoperability protocol has been updated by Multichain, which allows cross-chain communications and name contracts. It will be a valuable instrument for building cross-chain decentralized apps on Rootstock and other supported networks.
Related: DeFi crypto wallet aims to decentralize inheritance of crypto and NFTs
Rootstock, the brainchild of Bitcoin Core developer Sergio Lerner, saw several years of development before its initial mainnet launch in January 2018. Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch, blockchain engineer Albert Szmigielski stated in a 2016 blog post.