Speaking at Money 20/20 in Amsterdam, Ricardo Castro of Rootstock Labs highlighted the focus of the Bitcoin layer-2 protocol on providing global access to decentralized finance (DeFi), particularly in emerging markets.

Bitcoin (BTC) and Ethereum (ETH) are the two largest decentralized networks, each with unique strengths. BTC is known for its robust security standards, while Ethereum’s blockchain emphasizes functionality and utility through smart contracts.

For years, developers have sought to bridge these concepts and create a network that can support decentralized finance solutions atop BTC’s blockchain. Rootstock Labs claims to have achieved this, offering Latin American users and global crypto participants a secure BTC-backed smart contract platform.

According to Castro, the protocol boasts over 2,000 BTC, valued at over $141 million, backing DeFi development and liquidity for decentralized applications (dapps) on the layer-2 side chain. The chain uses a native token called RBTC, pegged one-to-one with Bitcoin for transaction validation.

DefiLlama data confirmed more than $203 million in total value locked on Rootstock, including over $15 million in stablecoins. Castro mentioned that the company will continue to support innovation around Bitcoin smart contract capabilities to bridge the gap between BTC and Ethereum’s offerings.

The startup has a multi-million pool prize for developers and has issued over 100 grants in the past 12 months.

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