Earlier this week, Wanchain (WAN), a blockchain platform that connects and exchanges value between different blockchain ledgers, launched Wanchain 3.0, creating a bridge between Bitcoin (BTC), Ethereum (ETH) and ERC-20 tokens.
Announcing MakerDAO’s Dai Stablecoin and MKR are Live on Wanchain Mainnet, Bringing ERC20 Interoperability with Bitcoin. https://t.co/DjY1yzmNAV
— Wanchain (@wanchain_org) December 13, 2018
According to the announcement, the Dai token will leverage Wanchain’s cross-chain functionality to allow for Bitcoin to be exchanged for Dai in a fully decentralized manner. Additionally, this functionality could ultimately allow Bitcoin to be added as a form of collateral for the Dai stablecoin.
“MakerDAO was the clear choice for us as we aimed to integrate the top stablecoin into our crypto finance infrastructure,” said Wanchain CEO and founder Jack Lu. “For us to achieve our goal of becoming one of the key cross-chain finance hubs of the Web 3.0 economy, Dai and MKR are critical components in laying the foundation. We look forward to seeing the many use cases this integration will generate.”
Despite the positive news, WAN is down 9.5% on the day to $0.29116, giving the coin a $30.9 million market cap. Dai’s adoption has grown in recent months, giving the stablecoin a $55.24 million market cap.
More: MakerDAO’s Dai Stablecoin and MKR are Live on Wanchain, Bringing Interoperability with Bitcoin
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.