BiKi.com enters strategic cooperation with Kava
Singapore-Bal digital assets trading platform BiKI.com is proud to announce its impending listing of KAVA token on Feb 26, 1500 hrs (GMT + 8). A cross-chain decentralized finance (DeFi) platform, Kava offers decentralized leverage and hedging of major digital assets such as BTC, ATOM and BNB, built by Kava Labs.
To celebrate the listing, BiKi and Kava will be launching several campaigns for new users and fervent supporters to win some KAVA. By combining their reach during the listing launch, both parties hope to capitalize on mutual community growth potential. More importantly, Kava and BiKi will also be forming a strategic partnership whereby BiKi establishes a Node/validator setup. Kava looks forward to providing access to a staking economy and DeFi products to BiKi’s users very soon.
A DeFi Initiative
“As a strong believer in DeFi revolutionizing the blockchain industry myself, I am very pleased to have Kava listed with us and growing with us,” says Ethan Ng, Southeast Asia CEO of BiKi.com. “Like traditional markets, finance is the core that functions as the lifeblood of other industries; DeFi offers better opportunities for mass markets to enter. In my opinion, DeFi has to succeed in order for real progress to take place and Kava is one of the platforms allowing us to take a step closer towards this dream.”
Most notably, Kava is the first DeFi platform to receive formal backing from Binance Launchpad, having successfully completed its Initial Exchange Offering with a US$3 million token sale on October 24, 2019. The Kava partnership network also includes world-renowned blockchain industry veterans, Ripple, Arrington XRP Capital, and Tendermint, as well as leading staking-as-a-service providers, StakeWith.Us and Dokia Capital, with intentions to support ATOM and XRP as the first few assets on the platform.
“We are excited to see BiKi support our efforts and list KAVA, the governance and staking token of our DeFi platform,” says Kava CEO and Co-Founder, Brian Kerr. “BiKi will help us in our mission to reach many key ‘hodlers’ of BTC, XRP, and ATOM so that they can leverage the Kava DeFi platform for staking, lending, and hedging. I’m very happy to see BiKi take a pro-DeFi stance and work with us. I believe they will play a key part in helping expand our DeFi platform’s global reach and footprint in the many months to come.”
Kerr is a serial venture-backed entrepreneur who previously founded and led an esports accessory company, Fnatic Gear. Kerr grew the company from a team of three staff in 2014 to one of the most prominent forces in the industry. In addition to leading Kava’s strategic direction and growth, Brian also serves as an advisor to several blockchain projects such as Snowball and DMarket.io.
Coined by its team to be the first DeFi application built within the Cosmos ecosystem, Kava aims to bridge the crypto economy and traditional collateralization processes through the issuance of USDX, a US dollar-pegged stablecoin loan in proportion to digital assets collateralized. Using a system of smart contracts, Kava enables users open access to loans and algorithmically managed stablecoins backed by crypto assets — empowering digital asset owners with user-friendly DeFi services.
Users can benefit from interest rates on Kava’s stablecoin USDX through hedging. Kava can grow to support a wide range of new crypto assets and offer new synthetics and derivative products.
By supporting lending against crypto assets from other networks, the Kava platform and its token KAVA have become attractive to many. This is coupled with its other features such as ‘No Counterparty’ lending, where the Kava platform enables users to ‘self-issue’ loans, minting new USDX based on their deposited collateral and destroying USDX when users close out their debt positions; its algorithmically maintained stablecoin USDX; as well as its economically incentivized governance, where KAVA token holders earn block rewards and fees paid by users.
Token holders can look forward to the upcoming launch of Kava’s CDP on their mainnet. Currently, Kava’s developers and validators are testing the security and robustness of the product. After the launch of Kava’s flagship product, the CDP platform, Kava will start to accept crypto assets for collateralization and mint USDX.
Chang Jie Lin, BiKi.com
Cecilia Wong, yourPRstrategist.com