Ren Protocol Token Gains 20% After Team Joins FTX Exchange

The Ren Protocol development team today announced they have joined Alameda Research, better known as the founder of the FTX crypto derivatives exchange .

“Together with collective skills, experience and communities, our teams will be able to bring significantly more value to the blockchain space than individually,” the project said. “In collaboration with Alameda, the Ren development team will prioritize Solana in their multi-chain library and in the RenVM virtual machine itself. This support is currently being audited and we expect to start transferring assets from / to Solana in the second quarter. ”

FTX is an active user of the Solana blockchain and has launched its own decentralized exchange Serum based on it. Ren Protocol, for its part, specializes in creating interoperability and liquidity solutions between different blockchains. The team is behind the development of tokenized versions of Bitcoin and Dogecoin on the Ethereum blockchain – renBTC and renDOGE, respectively.

The Ren Protocol’s own token (REN) has grown by 20% over the past 24 hours and has approached its all-time high of about $ 0.77. It is currently the 59th largest asset in the market with a capitalization of $ 628 million.

“REN looks like a megabull,” saysBluntz analyst. – Now I am building all charts against ETH, because I have the most bullish expectations for these pairs. It seems to me that REN has set a large low against ETH. “

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