By
Temitope Olatunji
April 16th, 2024
Bittrex Global, a major cryptocurrency exchange, has listed a token by JPMorgan’s blockchain spin-off Kadena (KDA) becoming the first exchange to list it at a market cap of $13 million.
On June 25, there emerged some reports that Bittrex Global is about to list a token by JPMorgan‘s blockchain spin-off Kadena. Bittrex is one of the most popular crypto trading platforms globally and will become the first to list token of this global financial services provider.
Kadena token (KDA) got its first official listing on the platform on June 25. Trading is expected to start on June 26 at 10:00 a.m. EST although token deposits on Bittrex and KDA wallets were made available instantly. In the initial launch, KDA was set to trade against two cryptos, including major USD Coin, Tether (USDT) and Bitcoin (BTC).
Bittrex Global trading services are absent in the United States and several other sanctioned countries. Kadena now enjoys massive exposure by availing the KDA token for trading on Bittrex Global. The crypto exchange sees an average daily trading volume of almost $37 million currently.
Nevertheless, the KDA transactions will not be available for all users globally. Egypt and Cambodia are among the sanctioned states that will not participate in the new market.
KDA Has a Market Cap of $13 Million
The KDA token is the native crypto for Kadena’s hybrid blockchain platform. That blockchain platform is powered by the traditional Proof of Work (PoW) consensus. A cumulative total of 35 million KDA tokens have come into circulation after Kadena launched mining in November 2019.
Co-founder and CEO at Kadena, Will Martino, stated that almost 100 million KDA tokens would be mined the next 12 months. Thus, the price of them will be much influenced by the demand and supply dynamics of the market. Today, the major crypto tracking sites like CoinGecko and CoinMarketCap are yet to show the coin’s statistics in entirety.
Some information about historical price changes is available for the token since early June 2020. Martino believes that some “buggy integrations” might be the reason behind that issue. He said that before Bittrex listing, KDA’s market capitalization stood at $13 million. He added:
“KDA has been primarily OTC-only since its launch in January. Listing on Bittrex Global is the first for KDA. Some so-called fly-by-night exchanges, like Hotbit, have made rather buggy integrations that provide price data feeds from which CoinMarketCap and CoinGecko pull.”
Kadena Launches HIPPA-Compliant App to Track COVID-19 Test Results
Apart from the first listing, Kadena is open-sourcing a decentralized application (DApp). The DApp will be used for tracking and validating COVID-19 test results. It is designed to offer a safe and reliable method for the results to get shared among different medical teams and patients.
This COVID-19 DApp is instantly available on testnet. According to the firm’s official report, it will not need onboarding KDA tokens or a crypto wallet for the DApp to work. Moreover, Kadena wants to scale its sharded layer-1 PoW blockchain to 20 chains from the current 10 chains. That scaling process is scheduled to happen on July 31.
Kadena raised more than $15 million through three token sales last year after spinning out of JPMorgan’s Blockchain Center for Excellence. But Martino said that the results of the November 2019 token sale are yet to be shared publicly.