Kadena Onboards Celo’s Dollar Stablecoin, Plots January Launch for Decentralized Exchange

The hybrid blockchain maker said it is collaborating with fintech firm Celo to on-board its stablecoin, cUSD, to Kadena’s platform using a trustless bridge.

AccessTimeIconDec 15, 2020 at 11:00 a.m. UTC
Updated Sep 14, 2021 at 10:42 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Hybrid blockchain maker Kadena said Tuesday it is collaborating with fintech firm Celo to put its U.S. dollar stablecoin, cUSD, on Kadena’s platform using a trustless bridge.

Kadena said that in addition to the bridge, the blockchain platform will wrap its native KDA token on Celo’s platform. This will allow both Celo’s cUSD stablecoin and Kadena’s KDA token to operate on each other’s platforms, the company said. That will allow KDA token holders to participate in collateralizing Celo's stablecoin and thereby earn revenue.

  • Hoping to use its hybrid blockchain as a selling point, Kadena had announced in November it was partnering with stablecoin maker Terra to expand its platform’s decentralized finance (DeFi) offerings. 
  • The platform’s decentralized exchange (DEX), Kadenaswap, was announced in September and is expected to roll out at the end of January next year. 
  • The launch of Kadenaswap will be preceded by a bounty program incentivizing participants to find bugs in the platform. “If participants can hack the network to 'steal' KDA, they keep the proceeds,” the announcement said.  

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about