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- Bondly and IOHK have announced partnership to help develop product standards for Cardano’s DeFi and democratize access to financial services.
- Bondly will be Cardano’s first go to market DeFi platform.
The engineering company IOHK, the builders of blockchain platform Cardano, today announced that Bondly will be the first DeFi project to be enabled on Cardano as part of the roll-out of the platform’s highly anticipated smart contract functionality that will allow decentralized apps (DApps) to be built on the network.
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.
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.
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, which 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.
Concerning the new partnership, Charles Hoskinson, CEO of IOHK, said:
IOHK’s core mission is to widen and democratize 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.
Brandon Smith, CEO of Bondly discussed the true scale of this partnership, stating:
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.
