Search Inside Bitcoins

Akash Network Integrating With Kava to Launch Cross-Blockchain DeFi Platform

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The Akash Network, the self-described “world’s first decentralized cloud computing marketplace and the first DeCloud for DeFi,” has revealed it is integrating with Kava, “the first cross-blockchain DeFi platform,” to “enable Kava’s stablecoin USDX as the first coin for fee settlement on Akash’s DeCloud platform,” according to a press release from the group.

Akash will be the first decentralized cloud platform to have a stablecoin, the release continues, “allowing cloud providers to avoid the market volatility of cryptocurrency, and developers to pay for cloud computing using USDX. This integration strengthens AKT’s liquidity and provides Akash users with a stable medium of exchange, while achieving greater adoption for Kava’s stablecoin and an increased debt ceiling from AKT collateral.”

Speaking on the matter is Greg Osuri, the CEO at Akash Network, who said:

We built Akash to give developers and companies faster, lower cost, and more flexible access to cloud computing with multi-currency settlement. We’re excited to partner with Kava Labs to integrate the first stablecoin in the Cosmos ecosystem, bringing dollar denominated payments to Akash.”

Also sharing some thoughts is Brian Kerr, the CEO of Kava Labs, who said:

“Akash’s promise to provide decentralized compute resources at significantly lower costs than leading providers like Amazon makes it one of the most promising projects in the blockchain space today. Akash’s technology will transform the compute industry and be a critical foundation for decentralized projects and Web 3 applications going forward.”

Join Our Telegram channel to stay up to date on breaking news coverage

Read next