Cryptocurrency exchange, Bitrue is all set to become the first exchange to support native assets on the Cardano blockchain. Following the latest move, both individuals and companies will be able to mint their own tokens on the network directly with the help of native assets.
The resulting tokens can be sent on the Cardano blockchain just like ADA and can also be used as a regular coin. According to the official press release, the first asset to be supported on Bitrue will be Occam.fi’s OCC utility token starting before July end. Occam.fi is basically a decentralized finance [DeFi] launchpad for other ventures that aim to utilize ADA liquidity that is currently untapped.
In addition to that, the users will also be able to deposit and withdraw both the ERC20 and Cardano forms of OCC to the cryptocurrency exchange as per their choice and trade them in a unified market for OCC. That way, Bitrue will serve as the location for users across the world to trade for and hold a Cardano native asset.
Cardano-Bitrue’s Combined Efforts
Adam O’Neill, who happens to be Bitrue’s chief marketing officer, called native assets, a “fantastic leap forward” for the Cardano blockchain and went on add,
“It provides teams who wish to leverage blockchain technology with a powerful and easy route to bring their token into existence. The intrinsic capabilities of the Cardano chain will lend a lot of power to any project building on it, such as massively increased scalability compared to other leading chains.”
The native tokens in question are said to share many of the same base functionalities of ADA including the same security guarantees, the joint process to asset creation and management, and the reduction of manual, custom code required to produce different assets such as utility tokens, non-fungible [NFTs], security tokens, etc. It is important to note that, despite the introduction of this new breed of native tokens, ADA will remain as the “principal currency” and which will be used as the only asset for the purpose of fees, rewards, as well as deposits.
The latest development comes just a month after Bitrue announced delegating one million ADA tokens to a public stakepool called ‘1LOVE’ in a bid to contribute to the blockchain project’s development and further strengthen decentralization.