Canadian Bitcoin Exchange, Bitcoin bull, has decided to join Blockstreams‘ Liquid Network. The Liquid Network is a second layer of built on Bitcoin which aims to establish interconnectivity between crypto exchanges.
Francis Pouliot, the Founder, and CEO of Bitcoin Bull tweeted,
We decided to become a Liquid federation member to facilitate integration of @Blockstream. Elements Sidechain platform via @Cyphernode_io
– accept L-BTC payments
– sell L-BTC for CAD directly
– perform L-BTC peg-outs
– issue L-CAD Bull Bitcoin vouchers
The Liquid Network already has 30 members, including BitMEX, Bitfinex, and other leading exchanges. Bitcoin Bull will provide direct FIAT payments for L-BTC in Canada. Francis reiterated that the move is expected to aid positions traders in Canada on BitMEX and Bitfinex.
Liquid Network is a blockchain network for ‘crypto exchanges and market makers.’ The network will allow Bitcoin transactions to be completed in 2 minutes using a second layer of confirmation. While adopting a second layer, it aims to improve the custody of Bitcoin. Through the Liquid Network, the corresponding amount of BTC is locked on the chain. Francis told the media,
“We’re making sure we have this backup layer. We want to make sure bitcoin succeeds, and this is our way to participate in strengthening the network,”
Moreover, it also provides for independent issuance of tokens on the network. Apart from implementing L-BTC, the Canadian Exchange also plans to issue CAD backed stablecoins on the system. This is aimed to improve the market adaptability for Canadian traders.
Nevertheless, the Liquid network is still in its early stages. Samson Mow, the CSO of Blockstream told the media, that currently, the volume on the network is less than $1 million. Even Pouliot reaffirmed that they are doing this “to experiment” and for “market discovery.”
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com