Kyber Network, a Singapore-based decentralized cryptocurrency exchange, announced on Tuesday it has surpassed 827,000 ETH in total transaction volume, and one million tokens burned within the first year of launching its platform.
Kyber Network reported that fifty-seven blockchain-based applications including MyEtherWallet, Decentraland, and Coinbase wallet have integrated with Kyber, providing much-needed liquidity and volume for over 70 digital assets, one of which is Wrapped BTC (WBTC) – Kyber’s first case study in a community-led initiative to bring the value of Bitcoin into the Ethereum blockchain. Loi Luu, CEO and Co-founder of Kyber Network, stated:
“We’re finding strong burgeoning growth for decentralized financial products and the implications of this on finance, banking, and trade are tremendously understated. With monolithic companies like Facebook investing into the industry, the Kyber team remains committed to providing a decentralized framework for all blockchain stakeholders to break up the monopoly of data, wealth and authority that lies ahead.”
Kyber Network also reported that its protocol allows any application built on a smart contract enabled blockchain to easily integrate Kyber Network’s protocol through Web3, widgets, plugins, and API to provide seamless digital assets exchange. Loi went on to add:
“We’re focused on increasing our network by implementing Kyber-framed protocols on different blockchains to power decentralized cross-chain swaps, and adding value and liquidity to the entire blockchain ecosystem. Kyber Network has become one of the most prolific non-banking liquidity providers in a decentralized ecosystem. We aim to build a world where the value of digital assets can flow seamlessly anywhere in any wallet, payment services, and financial products.”