The Bram Cohen-founded company also said that it would partner with Stably to launch the first dollar denominated stablecoin on its blockchain.

Chia Network, the energy-efficient, blockchain and smart transaction platform created by BitTorrent founder Bram Cohen, is launching native, peer-to-peer exchange services for Chia wallet holders, the company said Tuesday.

  • To support the product, called Offers, the company said that it was partnering with Stably to launch USDS on the Chia blockchain. USDS is the first dollar denominated stablecoin on the Chia blockchain. Stably will also make wrapped bitcoin and wrapped ether available on the Chia blockchain.

  • “Chia is meeting critical security and compliance needs to make peer-to-peer transactions safer and easier,” Chia President and COO Gene Hoffman said in a statement. “Launching Offers is the first step in delivering on those needs, and our partnership with Stably to provide U.S. dollar-pegged stablecoins and wrapped cryptocurrencies is integral to the process.”

  • In a phone interview with CoinDesk, Hoffman said that the latest initiative would help Chia connect with its “core community of early adopters” – entrepreneurs and developers. He added that “stablecoins are a great way for a business to put dollar value into a (Chia) wallet to buy carbon credits.”

  • Through Offers, Chia wallet holders – called makers and takers – can create and accept trade offers. Chia said that the service allows any two users to complete trades securely without fees, counterparty risk or the need for middlemen custodians that characterize centralized exchanges.

  • San Francisco-based Chia, which aims to reduce public blockchains’ energy dependency, raised $61 million in a Series D funding round at a valuation of $500 million last year.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Can Solana price enter a 50% relief rally?

Can Solana price enter a 50% relief rally?

Solana price is in the beginnings of a quick recovery rally that could propel it back to levels that were last seen nearly two weeks ago. Two technicals back the claim for why SOL could be ready for this ascent.

More Solana News

Ethereum Price Prediction: ETH will sweep the lows at $1,500

Ethereum Price Prediction: ETH will sweep the lows at $1,500

Ethereum price displays reasons to believe in a ‘sweep the lows’ event in the coming days. Traders should approach the smart contract blockchain with caution.

More Ethereum News

Assessing the possibility of a 40% upswing for Cardano

Assessing the possibility of a 40% upswing for Cardano

Cardano price is in a spot favorable for the bulls and short-term traders as a rally might be in the works. A minor retracement will allow interested buyers an opportunity to accumulate ADA at a discount before catalyzing an explosive uptrend.

More Cardano News

Bitcoin Weekly Forecast: The last rebound before capitulation

Bitcoin Weekly Forecast: The last rebound before capitulation

Bitcoin price is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the highier time frames suggests that the bottom is not in yet.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP