Blindex Protocols Integrate RSK With Two New Stablecoins

Blindex, a multi-currency fractional algorithmic stablecoin protocol is elated to announce the launch of its two algorithmic stablecoins, $bGBP and $bXAU, becoming the latest protocol to integrate the Rootstock (RSK) ecosystem.

As per the announcement, Blondex’s first stablecoin, bGBP will be pegged to the British Pound while the second, bXAU will be pegged to the value of 1 oz of gold. Notably, the bGBP stablecoin can be swapped at the market rate with other coins. Users will be able to mint, stake, and swap their bGBP. Note that once fully launched, users will be able to use their bGBP tokens in other DeFi platforms on RSK and other chains.

On the other hand, bXAU is the first-ever gold-pegged stablecoin to use both Bitcoin (BTC) and Ethereum (ETH) as collateral to back its price. Notably, there are a few gold-pegged stablecoins in the market, many of which are centralized and require holding physical gold reserves. bGBP seeks to help crypto investors diversify their portfolios by venturing into the gold market.

Blindex Contributor Omer Paz explains:

“What Blindex really is, is a mechanism for stabilizing digital assets at its core. The only thing that can stop us from stabilizing other “things” is only our imagination. Taking it further into the “real” world is our ambitious long-term vision, and it’s the thing that gets our team’s creativity levels up. There’s no doubt the crypto space, especially DeFi, is still in its infancy, which means it has a lot of room to grow and evolve. We see new implementations, services, and experiences surfacing almost daily. These new financial services have more flexibility and interoperability and are much cheaper.”

The Rootstock ecosystem helps attack DeFi protocols on the Bitcoin network by bringing smart contract functionality to the network. Blindex now leverages Bitcoin’s network security and RSK functionality to help elevate its operations to the next level.

Notably, the Blindex team explained that stablecoins are only the beginning. The team plans to introduce a new breed of a global financial system that will add tools to its community. The tools will -help users earn interest or borrow against assets.  In addition, the team also plans to go beyond currencies and explore real-life assets for synthetics. Note, that all these aspects of the protocol will run on RSK and will be useable across the growing DeFi ecosystem within the Bitcoin Network.