Bitrue to support native assets on Cardano through OCCADA listing
By Joy Dumasia
Bitrue, a cryptocurrency exchange, had announced that it would become the first exchange to support native assets on the Cardano ecosystem, starting with the Occam.fi native token (OCC)—issued as both a Cardano native token (OCCADA) and an ERC-20 token on Ethereum. Bitrue’s Cardano Native Token (CNT) support represents the first time that a Cardano-based token has been made available for trading on an exchange.
CNTs allow individuals and projects to mint their tokens directly on the Cardano blockchain. Unlike ERC-20 tokens on Ethereum, CNTs do not require intelligent contracts to mint, send, and store, offering many benefits to both cost and security.
CNTs—such as OCC—will enjoy full functionality on the Cardano blockchain through the release of smart contracts, ushered in through the Alonzo hard fork in Q3 2021. This will enable projects to issue and use CNTs as they would an ERC-20 equivalent for interfacing with Ethereum smart contracts—allowing projects to migrate all of their infrastructures to Cardano fully.
Bitrue will also offer premium listings of CNTs associated with Cardano projects that IDO through the OccamRazer decentralized launchpad. Trading of OCCADA on Bitrue will be available before the end of July 2021.
Adam O’Neill, Chief Marketing Officer of Bitrue, says: “Native assets are a fantastic leap forward for the Cardano chain. 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.”
Bitrue have been among the first exchanges to support ADA hard forks in the past, and they firmly believe Cardano’s native assets will rival and surpass Ethereum’s ERC20 assets.
IBSi Daily News Analysis
March 22, 2023
Cyber risks surge with Indonesia’s evolving payments landscapeRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage