SAN FRANCISCO--(BUSINESS WIRE)--Chia Network, Inc., a new energy-efficient decentralized blockchain founded by Bram Cohen, today 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 allows “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, today 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. Both DEXs will be available directly from Chia’s Light Wallet Beta available at https://www.chia.net/download/.
Through these partnerships, Chia offers unparalleled accessibility 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.
To learn more about Chia Network, go to www.chia.net.
About Chia Network
Chia Network, Inc. is a state-of-the-art open-source decentralized blockchain, digital currency and smart transaction platform. Founded by Bram Cohen, inventor of BitTorrent, the Company believes that “digital money” should be easier to use than cash, harder to lose and nearly impossible to steal. Using the first new secure Nakamoto consensus algorithm invented since Bitcoin, Chia operates an eco-friendly, secure and user-friendly system for cross border payments, issuing and exchanging financial assets, lending, escrow payments, institutional custody and distributed identity. Chia’s blockchain is based on “Proof of Space and Time” which has a significantly reduced carbon footprint compared to “Proof of Work,” used by all other crypto networks. Built on Chialisp, the company’s smart coin language, Chia’s blockchain allows its users to build and execute secure "smart coin" transactions.
The Company is funded by leading venture capitalists including Richmond Global Ventures, Slow Ventures, Andreessen Horowitz (a16z), Naval Ravikant, True Ventures, Cygni Capital, Galaxy Digital, Greylock, MetaStable, Stillmark, DCM, and others. Chia’s advisors include Dr. Dan Boneh, Research Partner at a16z and Applied Cryptography Professor at Stanford University; David Frazee, Managing Partner at Richmond Global Ventures; Katie Haun, General Partner at a16z; Dr. Krzysztof Pietrzak, Cryptography Professor of IST Austria. For more information, visit chia.net and connect with us on Twitter (@chia_project), Facebook, GitHub, Reddit, and LinkedIn.
Stably is a fast-growing FinTech company from Seattle founded in April 2018 by a team of former bankers and Amazon software engineers. The company has raised close to USD $3 million to date from angel investors as well as leading venture capital firms like 500 Startups, BEENEXT and Pay It Forward. Stably is also the creator of USDS, a US Dollar-backed stablecoin featured on major crypto exchanges like Binance and Bittrex. Stably’s mission is to make financial transactions faster, cheaper and more transparent through a borderless digital money platform powered by blockchain, stablecoins and open banking APIs. For more information about Stably, please visit www.stably.io.