Chia Network Launches Native Peer-to-Peer Trading Services for Wallet Holders

The Bram Cohen-founded company will partner with Stably to launch a dollar-denominated stablecoin on its blockchain.

By James Rubin

Jan 12, 2022 at 4:23 a.m. UTC

Updated Jan 12, 2022 at 3:27 p.m. UTC

James Rubin

James Rubin is CoinDesk's U.S. news editor based on the West Coast.

Follow @@JPRubin23 on Twitter

Chia Network, the energy-efficient, blockchain and smart transaction platform, is launching native, peer-to-peer exchange services for Chia wallet holders.

To support the product, called Offers, the company said Tuesday it is partnering with Stably to launch USDS, a dollar-denominated stablecoin on the Chia blockchain. Stably will also make wrapped bitcoin and wrapped ether available on the Chia blockchain.
“Chia is meeting critical security and compliance needs to make peer-to-peer transactions safer and easier,” Chia President and Chief Operating Officer Gene Hoffman said in a statement. “Launching Offers is the first step in delivering on those needs, and our partnership with Stably to provide U.S. dollar-pegged stablecoins and wrapped cryptocurrencies is integral to the process.”

In a phone interview with CoinDesk, Hoffman said the latest initiative would help Chia connect with its “core community of early adopters” – entrepreneurs and developers. He added that “stablecoins are a great way for a business to put dollar value into a (Chia) wallet to buy carbon credits.”
Through Offers, Chia wallet holders – what the company calls makers and takers – can create and accept trade offers. Chia said that the service allows any two users to complete trades securely without fees, counterparty risk or the need for middlemen custodians that characterize centralized exchanges.
San Francisco-based Chia, created by BitTorrent founder Bram Cohen and which aims to reduce public blockchains’ energy dependency, raised $61 million in a Series D funding round at a valuation of $500 million last year.

Read more about

Chia Network Bram Cohen Blockchain

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.