By
Godfrey Benjamin
May 18th, 2023
Notably, the BullaBanker DeFi app was unveiled in early June 2021 during the Bitcoin Miami Conference.
ArkiToken Inc, a Colorado-based blockchain technology developer, has launched the BullaBanker decentralized financial application on top of the RSK network. The RSK network is dubbed as the leading smart contract blockchain that is secured by the Bitcoin network. Thereby making it a big deal for BullaBanker’s future growth prospects.
Mind you, the Bitcoin network boasts the largest share of the crypto market despite not having majored in the DeFi industry. Currently, the Ethereum ecosystem leads the way, but Bitcoin holds the key to global adoption due to its low transnational cost.
Moreover, the RSK network makes it possible for the Bitcoin smart contract capabilities to function seamlessly. Thanks to RSK’s technology, BullaBanker will be able to process users’ transactions seamlessly without requiring participants to have a bank account.
Notably, the BullaBanker DeFi app was unveiled in early June 2021 during the Bitcoin Miami Conference.
“BullaBanker works like PayPal or Venmo for crypto. Users with a connected wallet can instantly send invoices, pay bills, and manage their accounts in a safe, secure and low-fee environment through the App, without using a bank or third-party institution” the team behind it explained.
Notably, the BullaNetwork is deployed on several blockchains including RSK, xDAI, Celo, ETH, Polygon, Avalanche, and Harmony. RSK enables the full suite of stablecoins as well as DeFi products using Bitcoin’s network security. Users can transact in RDOC, WRBTC, CUSD, USDC, WBTC, WETH, and WxDAI stable tokens.
“We wanted to provide native banking functionality for crypto owners, and we wanted the fee structure in traditional banking to accrue to users of the BullaNetwork,” said Michael Revy, ArkiToken, Founder and CEO.
BullaBanker and the DeFi Ecosystem
The decentralized financial ecosystem has significantly grown in the past two years, hitting $104.39 billion in total value locked according to metrics provided by DefiPulse. The tremendous gains have been attributed to a rising need for decentralized and trustless ways of transacting digital assets.
BullaBanker DeFi app seeks to address some of the challenges facing the industry among them the scalability and the need for low transaction fees. Backed by dedicated developers from ArkiToken, the platform is bound to grow in a similar way its parent protocol has been embraced.
Notably, the ArkiToken addresses the opportunity new technologies bring to establish a transparent and trusted environment for the construction industry.
To a large extent, the decentralized financial ecosystem (DeFi) significantly fueled the beginning of the 2020 crypto bull market. Moreover, the decentralized financial ecosystem has attracted institutional investors and retail investors seeking to tap on the next-generation technology.
