Bittrex Global, one of the world’s most popular platforms for Bitcoin Compass currency trading, is about to become the first crypto currency exchange to list a token from Kadena, the blockchain subsidiary of JPMorgan.
The Kadena token (KDA) is finally getting its first official listing on June 25. While token deposits in KDA’s wallets at Bittrex are available immediately, trading will open on June 26 at 10:00 a.m. EST.
In the initial launch, KDA will be traded in two cryptosystems: Bitcoin (BTC) and the important stable USD currency, Tether (USDT).
JPMorgan’s DLT subsidiary launches industry’s first hybrid blockchain
Trading on Bittrex Global is not available in the US and some sanctioned countries
By introducing the KDA token into Bittrex Global, Kadena gets significant exposure. Bittrex is one of the world’s largest crypto currency exchanges, with an average daily trading volume of approximately USD 37 million, as of the close of this edition.
However, KDA trading will not be open to all users worldwide. Bittrex Global is not available in the United States or other sanctioned countries such as Egypt and Cambodia.
KDA will debut with a market capitalization of USD 13 million
The Kadena KAD token is the native cryptomonen for the Kadena hybrid blockchain platform. This platform is based on the traditional consensus of Proof of Work (PoW). After Kadena launched mining in November 2019, a total of 35 million KDA tokens have entered into circulation so far. Will Martino, co-founder and CEO of Kadena, says that around 100 million KDA tokens will be mined over the next year. The price of Kadena’s KDA token will depend on supply and demand.
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At the time of going to press, major cryptomontage tracking websites such as CoinMarketCap and CoinGecko are not showing KDA’s token statistics in full, while providing information on historical price changes since early June 2020. Martino said some „integration errors“ could be a reason for the problem, noting that prior to inclusion in Bittrex, KDA’s market capitalization is USD 13 million. He said:
„KDA has mainly been OTC since its launch in January. Listing on Bittrex Global is a first for KDA. Some of the so-called dubious exchanges, such as Hotbit, have made rather poor integrations that provide price data that CoinMarketCap and CoinGecko get“.