Fireblocks Adds Support for RSK

December 15, 2021 at 8:00 am

News

Fireblocks has announced that RSK is now supported on its platform. RSK makes it possible for developers to build Bitcoin-based decentralized applications (dApps).

Fireblocks Integrates RSK

Fireblocks, a digital asset custody, transfer, and settlement platform that claims to be dedicated to offering banks and traditional financial institutions the ability to seamlessly plug into the broader decentralized finance ecosystem, has integrated RSK into its platform.

For those who are unaware, Fireblocks offers its clients a vast array of services including secure digital assets custody, tokenization, smart contracts, and DeFi services, and more, in a regulatory compliant manner.

The Israel-based company recently rolled out its “seven days of DeFi” event and has used the campaign as a window to add support for some top blockchain projects including Avalanche (AVAX), Fantom, Arbitrum, and now, RSK.

RSK Gaining Traction

While the Bitcoin network is arguably the safest and most decentralized distributed ledger technology (DLT) platform currently in existence, its very low scalability, and minimal support for smart contracts make it less attractive to dApp developers.

The RSK platform leverages Bitcoin’s superior hashing power via a mechanism known as “merged mining” to bring smart contracts capabilities and speed to the Bitcoin ecosystem.

With RSK, bitcoiners will now be able to enjoy all the goodies the rapidly evolving decentralized finance industry has to offer. The RSK team firmly believes that bringing DeFi to the Bitcoin ecosystem can potentially usher in the financial system of the future by combining the inclusive, peer-to-peer (P2P) design of DeFi with the popularity of Bitcoin.

Now that Fireblocks has added support for RSK, its customers will be able to access the network to custody and transfer their RBTC (the native crypto of RSK), without jeopardizing security or efficiency. In addition to that, Fireblocks clients will also have access to dApps built on RSK through the Fireblocks DeFi APIs, including Sovryn. This increases capital flow from global institutions which translates into more liquidity for the RSK ecosystem and seamless access to several DeFi protocols. A great additional step towards Defi on Bitcoin.