Stably Bridges BTC and ETH to the Chia Blockchain Ecosystem
SEATTLE, May 3, 2023 /PRNewswire/ -- Stably, a leading Web3 payment infrastructure provider, has partnered with Chia Network, an eco-friendly blockchain and smart transaction platform, to introduce Bitcoin (BTC) and Ethereum (ETH) bridges to Chia's DeFi ecosystem. This collaboration began with the Chia USDS stablecoin in 2021, which facilitated efficient on-chain transactions and DeFi ecosystem development.
The partnership has led to the creation of Stably's BTC and ETH custodial bridges, allowing users to access Bitcoin and Ethereum on Chia Network under the ticker symbols BTCS and ETHS. These assets can be obtained via Dexie.Space, Goby Wallet, or Stably Bridge, with KYC verification required for the latter.
"Partnering with the Chia Network to introduce Bitcoin and Ethereum into their expanding ecosystem is a thrilling development for Stably. As a company dedicated to offering cutting-edge solutions in the Web3 payment infrastructure space, the Chia collaboration helps broaden our range of services and propels the potential of DeFi while still being mindful of sustainability." ~Kory Hoang, CEO of Stably.
To bolster the integration, Stably collaborated with launch partners SpaceScan, Tail Database, Dexie.Space, and Goby Wallet to increase ecosystem exposure for Chia BTCS and ETHS. This partnership marks a significant milestone in Chia's DeFi landscape, as it enables BTC and ETH usage and interoperability in decentralized applications on Chia.
BTCS and ETHS are fully-collateralized and redeemable 1-to-1 for their respective underlying assets, with collaterals held at Prime Trust. Stably, through its FinCEN-registered money service business subsidiary Stably Trading, manages the underlying collaterals for KYC-verified token holders in compliance with BSA/AML regulations. To ensure transparency, Stably will publish the balances of the collateral accounts on its website monthly, which can be verified through SpaceScan. The market capitalization of BTCS on the Chia Network is calculated by subtracting the total BTCS supply from the balance in Stably's Treasury Wallet.
Stably Bridge is available in over 200+ countries/regions, including 17 US states, offering users zero fees for issuing and redeeming BTCS and ETHS, excluding network fees. Stably is dedicated to further expanding the DeFi ecosystem and fully supports Chia, its community, and its partners.
This strategic partnership between Stably and Chia Network represents a significant advancement in the digital asset space, fostering greater interoperability and cultivating robust DeFi ecosystems. Moreover, it serves as a milestone for Stably as it plans to extend BTC and ETH to additional emerging blockchain ecosystems. This partnership signals Stably's broader intention to drive cryptocurrency and DeFi adoption across various blockchains by harnessing innovation and collaboration.
Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing fiat gateways, multi-chain stablecoins, and cross-chain bridged tokens to users of Web3 applications. Stably's mission is to power this decade's next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems.
To learn more about Stably, visit: stably.io
About Chia Network
Chia Network built a better blockchain to drive real-world use and application. Founded by Bram Cohen, inventor of BitTorrent, Chia provides a secure, sustainable and regulatory compliant blockchain setting the standard for the infrastructure of digital currency and inclusive access to global, decentralized finance. Through the innovative Proof of Space and Time consensus algorithm, Chia Network's public, open source blockchain leverages hard drive space to create the first new Nakamoto Consensus since Bitcoin in 2009.
For more information, visit: chia.net
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RISK DISCLAIMER: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value and even principal. Bridged or wrapped digital assets (e.g. WBTC) involve additional risks, such as technical challenges, higher fees, security vulnerabilities, and reliance on third-party custodians. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please visit: stably.io/terms-of-service.
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