Stably, a prominent company in the payment infrastructure sector of Web3, has collaborated with Chia Network – a platform for blockchain and intelligent transactions – to bring Bitcoin (BTC) and Ethereum (ETH) bridges to the DeFi ecosystem of Chia.
Stably’s BTC Custodial Bridge Expands Bitcoin Access On Chia Network
According to the press release, users will be able to utilize the ticker symbols BTCS and ETHS to access BTC and ETH on Chia Network through the partnership.
This collaboration follows the successful integration of the Chia USDS stablecoin in 2021, which facilitated on-chain transactions and DeFi ecosystem development.
As a result of the collaboration, Stably has developed custodial bridges for Bitcoin and ETH, accessible through Dexie.Space, Goby Wallet, or Stably Bridge. However, the use of the Stably Bridge requires KYC verification.
Kory Hoang, CEO of Stably, expressed his excitement about the partnership, saying that it broadens the company’s range of services while promoting the potential of DeFi in a sustainable manner.
Moreover, as per the press release, Stably collaborated with launch partners such as SpaceScan, Tail Database, Dexie.Space, and Goby Wallet to expand the ecosystem exposure of Chia BTCS and ETHS.
This partnership is a noteworthy achievement for Chia’s DeFi landscape, as it facilitates the use and interoperability of BTC and ETH in decentralized applications on the Chia platform.
The BTCS and ETHS tokens are backed entirely by collateral and can be exchanged one-to-one with their corresponding underlying assets.
The collateral is held at Prime Trust. Stably Trading, a subsidiary of Stably, a FinCEN-registered money service business, handles the underlying collaterals for token holders who have completed KYC verification and ensures that everything complies with BSA/AML regulations.
Additionally, Stably plans to post monthly updates on collateral account balances, visible on their website and verifiable via SpaceScan. The Stably Bridge, accessible in 200+ countries/regions and 17 US states, allows users to issue and redeem BTCS and ETHS without any fees, except for network fees.
However, Stably to boost DeFi and back Chia and its allies. Partnership for enhanced digital asset space and strong DeFi systems. The company aims to promote crypto and DeFi adoption on multiple blockchains through innovation and cooperation.
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