RSK, the smart contract platform powered by the Bitcoin network, has partnered with RCN, a credit network supported by the crypto company Ripio, to enable new digital economy solutions in emerging markets, such as Latin America, Asia and Africa, where a large percentage of the population is currently restricted from the traditional financial system.
RSK is the first open source platform that allows the implementation of Ethereum-style smart contracts over the Bitcoin network. On the other hand, RCN has built a global peer-to-peer credit protocol, connecting lenders and borrowers all over the world through cosigned smart contracts.
“We’re very excited to partner with RCN as we share their vision of building a more inclusive financial system by putting Blockchain technology at the service of social transformation. Having RCN over RSK technology will allow billions of people currently unbanked to have access to a cheaper and more democratic credit network,” stated Henry Sraigman, RSK Head of Business of Development.
As members of the brand-new RSK Federation, RCN will enable their smart contracts to run on the RSK “federated sidechain” joining a collective of more than 20 blockchain-based companies who will collectively secure the sidechain funds. The RSK-RCN partnership has the potential to create disruptive and more efficient global lending solutions and grants faster payments and higher scalability.
“The RSK team and our team have been building up Latin America’s crypto ecosystem side by side from many years, so it’s really inspiring to be working with them in this new endeavor towards real financial and social transformation,” expressed David Garcia RCN SPV and partner.
The RCN project raised 122,000 ETH in its two-step token sale last year, while RSK has recently unleashed the Genesis block that kicks off their MainNet network.