Radix, the cloud-based market survey platform that addresses issues arising while doing market surveys has recently announced its collaboration with Ren Alliance. The Ren Alliance is the consortium of DeFi (decentralized finance) companies that help secure and develop renewable energy communities. However, apart from Ren Alliance, Radix has also created partnerships with other DeFi projects as well – like Aave, DDai, Kyber Network, etc.
Radix’s collaboration with Ren Alliance aims at securing fully decentralized wrapping solutions through RenVM. RenVM is the core product of the Ren Protocol, and it helps to bring in interoperability to various DeFi projects. The collaboration also aims at integrating the Ethereum and the Radix DeFi ecosystems, thereby benefiting both the platforms by increasing the liquidity and reducing fees. With this integration, porting leading digital assets like Bitcoin, ZCash, and Bitcoin Cash across different blockchains becomes easier via the RenVM.
The Ren Protocol allows the minting of “wrapped” tokens against native assets automatically on other public ledgers without any interference from any centralized authority. With this integration with Radix, the Ren Protocol aims to eliminate the need for custodians to move crypto assets across any blockchain network.Talking about this collaboration, Piers Ridyard, the CEO of Radix DLT, stated,