Kadena and Celo have recently come together to facilitate the interoperation of Celo’s cUSD stablecoin and Kadena’s KDA token on both platforms through a trustless bridge relay.
The prime focus of the partnership is to enhance the utilization of cryptocurrency tokens from both platforms in the market.
Kadena’s co-founder Stuart Popejoy stated, “We’re excited to be working with Celo and the Alliance for Prosperity.” He also added that their decision to partner with Celo stemmed from their similar approach to helping cryptocurrency economies. Both projects support tokens and aim to address present loopholes in the Ethereum-based market while upholding security and maintaining its decentralized structure.
Celo’s co-founder Marek Olszewski remarked,
With this alliance, both Kadena and Celo are aiming to expand their market of cryptocurrency tokens. Besides boosting the market for cUSD, the Celo-Kadena bridge will also facilitate KDA’s participation in the collateralization of Celo’s stablecoin, which would profit KDA token holders in return.
The cUSD stablecoin is a rare algorithmic and permissionless stablecoin, which follows the US dollar and helps users transact money in a faster and cheaper way just with their smartphone.
It can be composed of a higher number of DeFi apps via Kadena’s network. The Celo-Kadena bridge will add more value to the DeFi market, thereby providing multiple ways of transactions for token holders.
Kadena is a hybrid blockchain platform specializing in solving scalability issues and security concerns for businesses involved with cryptocurrency trading. Kadena’s blockchain platform comprises the PoW public network. It also includes the Kuro permissioned blockchain network and the Pact smart contract language.
The platform also helps connect enterprises and entrepreneurs with both public and private networks without compromising security.
Kadena can support the superior-grade performance of the DeFi economy with its fastest sharded layer-1 PoW blockchain technology and has teamed up with USCF, Terra, Cosmos, and Polkadot in the recent past.
The Celo Foundation is an open-source blockchain platform designing financial apps for smartphones. With the recent collaborations to access other networks, Celo provides smartphone-first access to DeFi and dapps.
Celo brings forth several mobile-based solutions to help various enterprises expand their business. It has collaborated with multiple clients and members to help them take advantage of the Celo ecosystem and in turn, grow its business.