One of the world’s most popular cryptocurrency platforms is officially going public. Bittrex Global is about to become the first crypto exchange to list a token with JPMorgan Chase.
The finance giant’s blockchain spin-off Kadena is getting its first official listing on June 25. Trading would open on Friday, the day after, but KDA wallets would be immediately available for buying.
Kadena will be trading against Bitcoin (BTC) and Tether (TTH) right at the initial launch.
However, note that KDA trades would only be available on Bittrex Global, which isn’t available in the United States or other countries like Egypt or Cambodia.
The firm currently has an average daily trading volume of about $37 million as of writing.
Kadena’s KDA token launched mining in November 2019 with a total of 35 million into circulation. Its hybrid blockchain platform is based on the traditional Proof of work consensus.
Co-founder and CEO at Kadena said that approximately 100 million KDA tokens would be mined at the end of 2020. Like always, its price would depend on demand and supply.
But both CoinMarketCap and CoinGecko provided some information on its pricing track since early June 2020. For now, the token’s statistics are still unknown.
Martiono said that there might have been bugs interrupting the price data feeds, since KDA has been primarily over-the-counter (OTC) only since January. But he noted that its market cap stands at $13 million.
Kadena is open-sourcing a decentralized application to track and validate COVID-19 test results. This would be designed to provide a safer way to get results among front liners, especially those in the medical field.
The COVID-19 dApp is immediately available on testnet and doesn’t require nor KDA tokens or a cryptocurrency wallet.
Kadena plans to scale a sharded layer-1 PoW blockchain from 10 to 20 chain. The scaling process will begin on July 31.
The network had raised over $15 million in 2019, but the results of its token sales haven’t been publicized yet.