The Qredo Team is delighted to announce its latest blockchain integration: Polkadot, the Layer 0 protocol.
Qredo is integrating with Polkadot’s coordinating chain — the Relay Chain — and supporting native asset DOT.
The integration enables Qredo users to trade, transfer, and take custody of Polkadot (DOT) on Qredo Network with institutional-grade governance and security.
Note: other assets on Polkadot are not yet supported
“I first saw Gavin Wood speak on Polkadot 5 years ago at ETHLDN. His vision on the evolution of the ecosystem and a multichain universe was built on real world expectation that one chain couldn’t do it all. I believed that too, and was certain that cross-chain collaboration would be critical. It is my hope that the move to support Polkadot and DOT into the Qredo framework can be the first of many alignments to support builders in this blossoming ecosystem."
— Ben Whitby, VP of Strategic Partnerships
Polkadot is built to support a completely decentralized web (known as Web3) and is characterized by a sharded multichain design whereby work is carried out more efficiently on specialized Layer 1 blockchains known as parachains. Polkadot’s first tranche of multiple parachains went live in December 2021.
By now, 28 parachains are live on Polkadot and there are more than 600 projects within the Polkadot ecosystem. Through Polkadot’s unique cross-chain functionality, these dApps, parachains, and services can seamlessly integrate each other and interoperate.
The integration of Layer 0 and Layer 1 chains into the Qredo Network seeks to solve two of the biggest challenges facing crypto: scalability and interoperability.
Qredo’s Layer 2 solution helps these blockchains to scale by processing transactions away from the underlying chain, without compromising on security and decentralization.
With each integration, users of that blockchain are able to store assets efficiently on Qredo Network and – from their Qredo Wallet – seamlessly swap assets across other supported chains using atomic swaps.