Blockchain engineering company IOHK, the builders of the blockchain platform Cardano, today announced that Bondly will be the first DeFi project to be enabled on Cardano.
Bondly is a crypto-enabled e-commerce platform that acts as a portable peer-to-peer exchange, enabling trading across any chain, through any medium. Bondly aims to bring decentralized finance (DeFi) to the masses, merging traditional banking services with blockchain technology.
This comes as part of the roll-out of the Cardano platform’s highly anticipated smart contract functionality that will allow decentralized apps (DApps) to be built on the network.
The initial partnership will include products in both the Bondly and IOHK ecosystems, sharing joint roadmaps and key milestones, including:
- The Bondly cryptocurrency, BONDLY, being ported from Polkadot to the Cardano blockchain.
- Bondly’s over the counter (OTC) trading platform, BSwap, allows easy peer-to-peer digital asset trades, migrating to Cardano.
- Bondly’s eCommerce Platform, BONDProtect, designed to provide decentralized escrow and buyer protection using smart contract technology, will run on the Cardano blockchain. The platform aims to replace all site-specific crypto escrow products with an easy to use API and completely smart contract-driven product.
“IOHK’s core mission is to widen and democratise access to financial services, which is why Bondly is a perfect partner for us. As Cardano’s Goguen smart contracts functionality continues to roll out, we’re looking forward to working with Bondly to build solutions which will allow DeFi to live up to its true potential, ultimately scaling to completely replace the global digital financial system.”
– Charles Hoskinson, CEO of IOHK
With this new partnership, IOHK will play an integral role in the development and integration of Bondly’s technology into the next generation of DeFi products. DeFi benefits exponentially from the ability to scale, something addressed by Ouroboros, Cardano’s underpinning consensus protocol.
“I’m so elated to work with the extremely talented team at IOHK/Cardano, to share technology between our companies, and for Bondly’s suite of products to be live on one of the world’s most important blockchains.”
– Brandon Smith, CEO of Bondly