IOHK, the company working on the development of the Cardano blockchain, has informed that it has entered into a partnership with Bondly, which will be the first platform to have Cardano ready for its DeFi products.
It is worth noting that Bondly is a swap protocol that also operates in the escrow sphere and provides a high level of security to all those who make transactions, so both the seller and the buyer can rest assured that their funds are secure. This solution is especially suitable for e-commerce, for example.
For its part, the Cardano blockchain continues its progression and evolution on the blockchain and smart contract side and will release one of its main integrations, Goguen, allowing the creation of a new series of applications on this blockchain.
The Bondly platform has chosen the Cardano blockchain to launch its service and build a marketplace, given the low cost and speed of this blockchain.
Bondly to create DeFi on Cardano
This will create a real dApp (decentralized application) that will use the BONDLY token, which will be migrated to Cardano from the Polkadot blockchain, whereas the implemented escrow solution will be called BONDProtect.
Democratizing finance through the blockchain is an important step and shows how it is at the service of the user, as recalled by the CEO of IOHK, Charles Hoskinson:
“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”.
For its part, the Bondly team will benefit from being the first dApp on this blockchain, as explained by the CEO of Bondly, Brandon Smith:
“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”.