Sienna Network and Shinobi Protocol announces partnership
Sienna Network and Shinobi, the protocol behind the bridge for a PII protecting wrapped version of Bitcoin, called sBTC, enters a new partnership that will increase the use of the secret version of Bitcoin on Secret Network.
Sienna Network is excited for this partnership as Shinobi provides a much needed increased accessibility to Bitcoin on Secret Network.
sBTC is pegged 1:1 with BTC and comes with all the privacy preserving features of Secret Network as well as PII protection. This is done via their trustless bridge, which enables users to peg in and out of sBTC without any middlemen.
Yield initiative between Shinobi and Sienna Network will happen upon launch of Shinobi. 📈
SiennaLend launches in Q4 and the partnership with Shinobi will enable sBTC as collateral for borrowers.
The partnership will also cover future features. Stay tuned for more! 🚀
About Shinobi
Shinobi is a protocol for generating Secret Bitcoin (SBTC), an SNIP-20 token on the Secret Network backed by Bitcoin. SBTC is pegged 1:1 with BTC.
The peg in and peg out between the Bitcoin blockchain and the Secret Network is facilitated through a Privacy Secured Trustless Bridge.
There is no middleman and the peg in/out actions are not discernible from ordinary transactions on the Bitcoin blockchain.
Once bitcoin is transferred to the Secret Network, transactions become completely private.
About Sienna Network
Sienna is a cross-chain, privacy-first decentralized finance protocol built on Secret Network, that enables trustless financial instruments, such as trading and lending with complete privacy for multiple blockchain ecosystems.
Privacy, both for individuals and organizations, is required by law and should at all times be treated as a a fundamental human right. Sienna is on a mission to protect your PII.
What blockchain is Sienna built on?
Sienna is built on Secret Network — first blockchain with privacy-preserving smart contracts, or “secret contracts” that have encrypted inputs, outputs, and state.
Read more about Secret Network at https://scrt.network
More on Sienna Network
🖥 Website: https://sienna.network/
💬 Discord: https://discord.gg/jZk8ggm7XP
💬 Telegram: https://t.me/GoSiennaNetwork
🐦 Twitter: https://twitter.com/sienna_network
👥 Reddit: https://www.reddit.com/r/SiennaNetwork/
