Bitcoins Liquid Network gains six new federation members

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Bitcoin infrastructure firm Blockstream said in a statement sent to Bitcoin Magazine that six new members have joined the Liquid Federation, the cohort of financial institutions that underpins the Liquid Bitcoin sidechain.

“Federation members contribute to the security of Liquid Network, gain voting rights in the board election and membership process, and provide valuable input into the development of new features,” the statement read. . “Members also benefit from the ability to tie without third parties, allowing their users to convert between L-BTC and BTC seamlessly within their platform.”

Bitmatrix, Digital Markets (DIGTL), GMO Coin, Mempool, Spectre and Zaprite are now part of the 63-member group.

“The Liquid Network continues to see steady growth with adoption across a wide range of platforms and financial providers,” said Samson Mow, CSO at Blockstream, according to the release. “Liquid native security tokens and the STO infrastructure developed by Federation members will be instrumental in reforming traditional capital markets and transitioning to a more fluid peer-to-peer financial system.”

Bitmatrix is ​​an automated covenant-based market maker protocol that allows users to trade between two liquid assets; DIGTL is a technology company that is partnering with WallStreetBets to launch financial products on Liquid; GMO Coin is a Japanese cryptocurrency exchange that integrates Liquid into its platform; Mempool is a famous open-source bitcoin block explorer that has added support for the Liquid network; Specter is an open-source hardware wallet and desktop Bitcoin wallet that has also integrated the Liquid network, and Zaprite is a non-custodial billing and project management platform.

A sidechain is an independent blockchain that runs alongside another blockchain, allowing tokens from that blockchain to be used in the sidechain while adhering to a different set of rules, performance requirements, and security mechanisms.

Liquid is a bitcoin sidechain that allows BTC to flow between the Liquid and Bitcoin networks with a two-way peg. The bitcoin used in the Liquid network is called L-BTC, and its verifiable equivalent amount of BTC is managed and secured by network officials who also function as block signers.

Use cases for Liquid include confidential transactions, asset issuance, security tokens, stablecoins, tokenized cryptocurrencies, digital collectibles and NFTs, and institutional trading.

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