JP Morgan's spin-off blockchain, Kadena, has launched a COVID-19 tracking app for PPE and medical results. This move comes as its native token, KDA, gets listed on Bittrex Global, making its first debut in crypto exchange markets. It will initially trade against the USDT and BTC pairs in the $37 million Bittrex Global daily volume pool.
Following the listing, KDA token deposits and wallets on Bittrex Global onboarded on June 25 with trading set to commence today. The Kadena native digital asset currently has a total of 35 million tokens in supply, with 100 million more expected to be mined this year, according to the firm's co-founder and CEO, Will Martino. Notably, the project has raised over $15 million from three token sales last year and stood at a $13 million marketcap prior to the Bittrex listing.
With KDA tokens now in the crypto exchange market, their prices will be determined by demand and supply. Martino noted that this integration will in fact provide more clarity on pricing KDA tokens given information availability going forward,
“KDA has been primarily OTC-only since its launch in January. Listing on Bittrex Global is the first for KDA. Some fly-by-night so-called exchanges, like Hotbit, have made rather buggy integrations that provide price data feeds from which CoinMarketCap and CoinGecko pull.”
He went on to add that there will be more KDA listings as we dive into Q2, 2020. While the Bittrex listing scales KDA's prospects, this trading service is not available for the U.S market and a few other sanctioned jurisdictions such as Cambodia and Egypt.
Kadena's COVID-19 Tracking App
As mentioned earlier, Kadena has also launched a blockchain-oriented app to assist in the fight against COVID-19. This initiative runs as an open-source DApp with the aim of enhancing data sharing along the PPE supply chain. Basically, the app allows stakeholders to verify coronavirus tests by tracking the equipment from manufacturers to healthcare providers.
In addition, it provides an avenue for medical practitioners to communicate test results through QR codes, which operate as the keys to data stored on Kadena's blockchain. Given this medical operational scope, Kadena is now looking to be Health Insurance Portability and Accountability Act (HIPAA) compliant.