News

Komodo partners with Bidao to foster multi-chain interoperability

Nicholas Say
Nicholas Say

The interoperable blockchain platform and ecosystem, Komodo, and multi-chain DeFi system, Bidao, today announced their partnership to foster multi-chain interoperability. With this mission, the partnership will see the integration of Komodo’s native coin KMD to the Bidao ecosystem through the BAI stablecoin. Bidao’s governance token, BID, will be listed on Komodo’s AtomicDEX, the world’s major cross-protocol decentralized exchange (DEX).

Bidao will serve as an infrastructure provider, creating a blockchain system in which consumers can lock the KMD to create BAI to enable Collateralized Debt Positions (CDPs).

Speaking on the integration, Chief Technology Officer at Komodo, Kadan Stadelmann, stated,

Using cryptocurrencies as collateral to receive loans is an important and fast-growing trend within the broader DeFi space. As an exciting new use case for KMD, this integration allows Komodo to expand its capabilities into the DeFi space. We look forward to broadening the Komodo ecosystem to include more DeFi products for our users.”

Bidao CEO, Bastian Aigner, stated,

We are thoroughly impressed with what the team at Komodo is building and are thrilled to have BID listed on AtomicDEX. Having launched in 2014, Komodo is the original DeFi project, before the term DeFi was coined and well recognized in the space, and we are excited to partner with them to build a borderless, transparent and more decentralized financial system through user-friendly tools.”