Chia Network, the energy-efficient, blockchain and smart transaction platform created by BitTorrent founder Bram Cohen, is launching native, peer-to-peer exchange services for Chia wallet holders, the company said Tuesday.
To support the product, called Offers, the company said that it was partnering with Stably to launch USDS, making it the first dollar denominated stablecoin on the Chia blockchain. Stably will also make wrapped bitcoin and wrapped ether available on the Chia blockchain.“Chia is meeting critical security and compliance needs to make peer-to-peer transactions safer and easier,” Chia President and COO Gene Hoffman said in a statement. “Launching Offers is the first step in delivering on those needs, and our partnership with Stably to provide U.S. dollar-pegged stablecoins and wrapped cryptocurrencies is integral to the process.”
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In a phone interview with CoinDesk, Hoffman said that the latest initiative would help Chia connect with its “core community of early adopters” – entrepreneurs and developers. He added that “stablecoins are a great way for a business to put dollar value into a (Chia) wallet to buy carbon credits.”Through Offers, Chia wallet holders – called makers and takers – can create and accept trade offers. Chia said that the service allows any two users to complete trades securely without fees, counterparty risk or the need for middlemen custodians that characterize centralized exchanges.San Francisco-based Chia, which aims to reduce public blockchains’ energy dependency, raised $61 million in a Series D funding round at a valuation of $500 million last year.
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