MyEtherWallet (MEW) Integrates RenVM to ‘Teleport’ Bitcoin (BTC) to Ethereum (ETH) Wallets
MyEtherWallet (MEW) is launching a ‘teleporting service’ allowing users to transfer Bitcoin (BTC) to the Ethereum network. This follows the recent integrations of DeFi based products such as Aave, 1inch. Exchange, dYdX, etc.
A press release sent to BEG desks on November 24th confirms MEW, a leading Ethereum wallet service, is integrating Ren Virtual Machine (RenVM), a Bitcoin-Ethereum porting service, to bring BTC to the Ethereum blockchain. The integration of RenVM will allow users to lock up BTC on their MEW wallet to receive renBTC, an ERC-20 token on the Ethereum blockchain.
Porting coins across blockchains entails wrapping tokens such as wrapped BTC (wBTC), a BTC backed token on Ethereum, to enable Bitcoin users to utilize features such as DeFi and dApps built on Ethereum.
The users will have full functionality to mint their renBTC, in equal proportion to the BTC held in their wallet. This will allow users to easily take advantage of the DeFi platform on Ethereum, initiate token swaps, and participate in liquidity provision and lending/borrowing services accessible on Ethereum.
“This service is called “Teleporting,” and makes for a simple and decentralized method of putting BTC on Ethereum,” the statement reads.
MyEtherWallet has taken key development steps in promoting DeFi projects recently announcing integration with 1inch.exchange, a DEX aggregator, allowing users to swap ETH and ERC-20 tokens seamlessly directly to their wallet.
“renBTC isn't just Bitcoin on Ethereum; it's using decentralized infrastructure to make it all possible,” said Kosala Hemachandra, MyEtherWallet's Founder and CEO.
“This increases privacy, control, and security, and enables our users with greater functionality and navigation across the two most popular cryptocurrency networks.”
The partnership between the two firms is set to increase the volumes of renBTC on the platform. According to DeFi Pulse, a DeFi aggregator, the total value locked in renVM is $371.1 million, representing over a 1000X increase in the past year.
In his statement, COO at Ren Protocol, Michael Burgess, praised the “cross-chain abilities that MEW is developing stating his company will be looking to add more assets in the future.
“It has been a pleasure working with the MEW team, and we look forward to supporting even more assets through the Teleport feature in the future.”