AUSTIN, Texas--(BUSINESS WIRE)--Wanchain, the distributed financial infrastructure powered by cross-blockchain smart contracts with privacy protection, today announced a partnership with KyberNetwork, a decentralized and trustless exchange that enables instant conversion of crypto-assets with guaranteed liquidity, to build the Kyber-Wanchain Decentralized Exchange ‘KWDEX.’
“These are exciting times for the blockchain industry and the new digital economy,” said Jack Lu, Founder of Wanchain. “The lack of a decentralized exchange that can access digital assets across blockchains was preventing the new digital economy from unleashing its potential and power. The new partnership between Kyber and Wanchains creates the cross-chain decentralized exchange that will make our vision of the new digital economy a reality.”
Wanchain is the first network in crypto to launch a smart contract platform with ring signatures and privacy protection. In their next software release they will add cross-chain transactions. The unique partnership with Kyber will power a decentralized exchange (DEX) that offers deep liquidity as well as instant and private trading of protocol tokens such as Bitcoin, Litecoin and Monero.
The combination of Kyber’s DEX with Wanchain’s cross-chain technology means that the KWDEX will provide decentralized exchange and trading of protocol tokens for the entire universe of digital assets. Furthermore, users of the KWDEX will benefit from maintaining custody of their digital assets. They will no longer have to give custody of their funds to a centralized exchange that isn’t regulated or insured and suffer from risk of loss, theft or seizure of assets.
All KyberNetwork Tokens (KNC) on the Ethereum Platform will be migrated over using Wanchain’s cross-chain technology and used in the KWDEX without losing their rights on the Ethereum Platform.
“This promising partnership will solidify both KyberNetwork’s and Wanchain’s aspirations as two of the most well-designed and competitive blockchain companies in the digital economy, pushing both teams to new heights,” said Loi Luu, Founder of KyberNetwork. “Through this collaboration, we can expect greater cross-chain activities in the future, which will enable more innovative and novel applications of blockchain that pushes the technology frontier forward for the greater benefit of our society.”
Additional aspects of the partnership include a collaboration on the Peace Relay project. Wanchain, as a fork of Ethereum, will add resources to the project, enabling communication and interaction between Ethereum-forked blockchains. Loi Luu, Founder of KyberNetwork will also join Wanchain as an advisor to leverage the partnership.
“Both KyberNetwork and Wanchain are focused on building solutions that enable blockchain interoperability in order to solve blockchain’s ‘intranet’ problem,” said Dustin Byington, President of Wanchain. “We are excited to be working with Loi Luu and the Kyber team on these matters, which are of great importance to our industry and the future of the new digital economy.”
KWDEX will commence building before Wanchain 2.0 is released in early fall 2018.
To learn more about Wanchain, visit https://www.wanchain.org.
KyberNetwork is a decentralized and trustless exchange that enables instant conversion of crypto-assets with guaranteed liquidity. Our protocol will be key to promoting liquidity of crypto-assets in the blockchain ecosystem and improving the public perception of tokens as a tradable asset class. More information: https://kyber.network/.
Wanchain is rebuilding the financial services industry using private cross-blockchain smart contracts. Built in China and headquartered in Austin, TX, Wanchain unites East and West as the digital currency-agnostic platform for global financial services. Registered in Singapore as a non-profit organization, the Wanchain Foundation was initially funded by Wanglu Tech, a for-profit enterprise with investors including River Capital and Fenbushi Capital. To learn more, visit wanchain.org, @wanchain_org (#rebuildingfinance) and our Facebook page.