A new partnership between innovative blockchain engineering firm IOHK and decentralized platform Orion promises to bring added utility to cryptocurrency trading.
The two companies are joining to integrate IOHK’s Cardano blockchain into Orion’s trading terminal, a move that will allow access to major exchanges from one platform without enduring repeated KYC and AML checks on each. Cardano users for the first time will have a decentralized gateway to digital assets on Orion through Cardano later in 2021 once the changes are complete.
“We believe industry collaboration is crucial in order for blockchain to achieve mainstream adoption, which is why we have always taken an open source and patent-free approach to building Cardano,” IOHK CTO Romain Pellerin said. “As a result, we are always looking to partner with projects like Orion, which are crucial in order for blockchain to achieve its ‘bluetooth moment’, where users have a seamless experience when using blockchain networks, regardless of which platform they are using.”
“Scalability is of critical importance to Orion in order to achieve widespread adoption: to become the single point of access to the digital asset market, we need a robust, scalable infrastructure that can effectively and efficiently handle the transactions that occur on such a platform,” Orion CMO Timothea Horwell added. “As the market races towards the solution for the leading alternative to Ethereum on which to build a blockchain-based financial future, Cardano is primed to take that spot as the first and largest proof of stake blockchain, solving critical areas such as cost, latency, efficiency and scalability. With Orion’s goal of making the digital asset market inclusive and accessible, Cardano’s inclusive and open-source method is a perfect fit.”
Cardano employs a proof of stake mechanism, which is a more efficient process than the proof of work used by Bitcoin and others.
Orion said its longer-term goal is to blend access to both traditional and NFT marketplaces, and Cardano’s blockchain will help them get there.
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