Bittrex Global, one of the world’s most popular platforms for cryptocurrency trading, is poised to become the first crypto exchange to list a JP Morgan Blockchain token, Kadena.
The Kadena (KDA) token is finally getting its first official list on June 25. Although the token deposits in the KDA wallets in Bittrex are available immediately. The exchange will open on June 26 at 10:00 a.m. ITS T.
At the initial launch, KDA will operate with two cryptocurrencies: Bitcoin (BTC) and the main stablecoin, Tether (USDT). By introducing the KDA symbol into Bittrex Global, Kadena gains significant exposure. Bittrex is one of the world’s largest crypto exchanges, with an average daily trading volume of about $ 37 million at press time.
However, KDA transactions will not be open to all users in the world. Similarly, Bittrex Global is not available in the United States or other sanctioned countries such as Egypt and Cambodia.
Kadena to debut
The KDA will debut with a market capitalization of $ 13 million. Thus, the Kadena KDA token is the native crypto of JP Morgan’s hybrid Blockchain platform.
This platform is based on the traditional Proof of Work (PdT) consensus. After Kadena launched mining in November 2019, a total of 35 million KDA tokens have gone into circulation so far. Will Martino, co-founder and CEO of Kadena, says around 100 million KDA tokens will be mined over the next year.
However, the price of Kadena tokens will depend on demand and supply. As of press time, major crypto tracking websites like CoinMarketCap and CoinGecko do not show KDA token statistics in full.
While providing some insight into historical price changes since early June 2020, Martino commented that:
“KDA has been primarily over-the-counter since its launch in January. Inclusion in Bittrex Global is the first for KDA. Some of the so-called ‘fly-by-night exchanges’, like Hotbit, have made rather flawed integrations that provide price data that CoinMarketCap and CoinGecko take advantage of. ”
What else did KDA bring us?
In addition to its first listing, Kadena is opening a decentralized application, or dApp, to track and validate COVID-19 test results.
In this way, the dApp is designed to provide a secure way for results to be shared between medical teams and patients. Kadena’s dApp COVID-19 is immediately available in the test network and does not require the addition of KDA tokens or a crypto wallet, the company said.
Also, Kadena plans to scale its PoW Layer 1 Blockchain from 10 to 20 chains. The escalation process will take place on July 31, Kadena said.
Finally, Kadena raised more than $ 15 million through three symbolic sales in 2019, Martino said. “The results of the symbolic sale of November 2019 have not been made public.”