Is it possible to move renBTC from ETH to BSC?

hey ! so yea I wondered if I can move renBTC directly from ethereum to bsc? since it exists on both networks.

thanks!

Not yet, it’s an advanced functionality to be introduced later this year, not sure how long

ok thanks. guess i can do using binance

You can burn renBTC on Ethereum to a gateway address for minting renBTC on Binance Smart Chain, so yes this will be possible very soon.

Hi Max - to confirm but would the person doing the transfer need a btc address - is that what you mean by a gateway address?? Or is it an automated address held by Ren?

Because ideally we would presumbaly want people to go directly between the two blockchains without using a middle chain (Bitcoin)

You wouldn’t have to send to your own BTC address, but it would require RenVM to send BTC from its main wallet to the gateway address and back to the main wallet again, incurring transaction costs. Later this year that wouldn’t be the case though, it could stay in RenVM all the time, user only having to pay for burning the ERC-20 token on one side and minting on the other, which would save you from all the BTC transaction fees.

2 Likes