Chia Network launches peer-to-peer exchange capabilities & DEXs

322

Chia Network, Inc., an energy-efficient decentralized blockchain founded by Bram Cohen, recently announced the launch of Offers, its first native, peer-to-peer exchange capabilities for anyone with a Chia wallet.

To further support Offers, Chia also announced a partnership with Stably to launch USDS, the first dollar-denominated stablecoin to arrive on Chia Network. Additionally, Stably will be making available wrapped bitcoin and wrapped ether on the Chia blockchain. Stably is a high compliance provider that adheres to US securities and commodities laws, publishes audited reports of U.S. dollar reserves, and retains 100% of its holdings in USD.

“In an evolving Defi ecosystem, Chia is meeting critical security and compliance needs to make peer-to-peer transactions safer and easier,” said Gene Hoffman, Chia’s President, and COO. “Launching Offers is the first step in delivering on those needs, and our partnership with Stably to provide U.S. dollar-pegged stablecoins (USDS) and wrapped cryptocurrencies is integral to the process. We’re excited to bring accessibility to the future of finance.”

Offers allow “Makers” and “Takers” buyers and sellers to seamlessly create and accept trade offers all from the privacy of their Chia wallet. Offers allow two people who have never met to propose and complete a trade in a way that neither side can cheat and does not need escrow. This also empowers users to self-custody while making trades, meaning buyers and sellers retain control of their private keys and coins without counterparty risk, middleman custodians, and trading fees. By contrast, centralized exchanges require users to transfer digital assets to an exchange account, creating a potential security risk.

“We believe in Chia’s mission to enable users to self-custody while making trades, regardless of whether that user is an individual or an organization purchasing crypto assets in the space,” said Kory Hoang, CEO, and Co-Founder of Stably. “At our core, Stably enables fast, cheap, and more transparent transactions. When you pair that with the world’s most secure and sustainable blockchain, we’re confident we are bringing borderless, low-friction transactions to the digital economy.”

Additionally, Chia is announcing that HashGreen, a Chia Cultivation Grant recipient, and OfferBin.io are launching decentralized exchanges (DEXs) that will support offer files and the Stably issued USDS and wrapped cryptocurrencies. 

Through these partnerships, Chia offers unparalleled access to digital assets and reinforces its commitment to being secure and compliant: Sellers can create trade offers and submit them anywhere publicly or privately, including Reddit, Keybase, Twitter, or decentralized exchanges like HashGreen and OfferBin.io; Users and institutions pay as little as $1 to acquire USDS, and new entrants to Chia’s system can buy USDS with fiat, BTC, or ETH; Farmers and other participants in Chia’s ecosystem can seamlessly enter and exit holding positions with USDS trading pairs without incurring exchange fees; Once an offer is created, it can’t be altered by third parties, and there is no risk of a change in offer terms; Users don’t have to send their funds to an intermediary such as an escrow service or centralized exchange, and Companies can participate in on-chain asset auctions with simplicity by easily acquiring USDS.

“From empowering new users to seamlessly enter the Chia Defi ecosystem for the first time, to granting seasoned farmers and investors more agency in how they exit their positions as needed, the benefits of Stably stablecoins and DEXs on Chia’s blockchain are setting the standard for how crypto transactions should always be,” added Chia’s Hoffman.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here