Bitrue becomes the first exchange to support native assets on Cardano through OCCADA listing

Jul 20, 2021 0 comments

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Leading cryptocurrency exchange Bitrue announced today that it will become the first exchange to support native assets on the Cardano ecosystem, starting with the Occam.fi native token OCC which is issued as both a Cardano native token (OCCADA) and an ERC-20 token on Ethereum. Beginning with OCCADA, Bitrue’s support for Cardano native token CNT represents the first time that a Cardano-based token has been made available for trading on an exchange.

CNT tokens allow individuals and projects to mint their own tokens directly on the Cardano blockchain. Unlike ERC-20 tokens on Ethereum, CNT tokens do not require smart contracts to mint, send and store, offering a multitude of benefits to both cost and security. Instead, CNT tokens utilize the same underlying token logic as the Cardano blockchain, which enables them to be sent in the same way as Cardano (ADA) tokens and stored in ADA-compatible wallets.

Adam O’Neill, chief marketing officer of Bitrue, said:

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.

Eventually, CNT tokens 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 CNT tokens as they would an ERC-20 equivalent for interfacing with Ethereum smart contracts, allowing projects to fully migrate all of their infrastructures to Cardano.

Mel McCann, head of technical integrations at the Cardano Foundation, the Swiss non-profit organization dedicated to the positive advancement of the Cardano ecosystem, commented:

After all the hard work that has been put into making Cardano native tokens a reality, it is highly exciting to see an exchange offering native token trading pairs. Liquidity for Cardano project tokens is one of the first major steps toward welcoming new users into our ecosystem, and we are pleased to see Bitrue becoming pioneers of this for Cardano.

Although the first asset to be supported on Bitrue will be Occam.fi’s OCC CNT (OCCADA), Bitrue will also offer premium listings of CNT tokens associated with Cardano projects that conduct an initial DEX offering through the OccamRazer decentralized launchpad. Trading of OCCADA on Bitrue will be available before the end of July 2021.

Elliot Hill, head of communications at Occam.fi, said:

Having a major exchange like Bitrue be willing to immediately jump in and support native assets on Cardano is hugely a positive sign for the rapidly expanding Cardano ecosystem. We are looking forward to having OCC listed on the Bitrue exchange soon, and we are excited to offer our IDO partners the possibility of other projects that IDO through OccamRazer a listing on Bitrue too.

Bitrue was among the first exchanges to support ADA hard forks in the past, and it strongly believes Cardano’s native assets will rival and surpass Ethereum’s ERC-20 assets.

Sourced from cointelegraph.com.

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