Kava Labs is focused on democratising financial services and making them accessible to anyone, anywhere in the world. The company builds composable DeFi apps and services based on the Kava blockchain, a foundational platform designed to be secure and reliable. The platform is a lending system that allows users to lend to each other while building credit, all without a middleman or counterparty risk.
The Kava Protocol is a foundational layer for building financial apps that can connect with each other to create more complex DeFi products on top of the protocol. It uses the Ethereum network to process transactions.
The company's token, KAVA is a USDX stablecoin which is used for voting on governance proposals and functions as a reserve currency for when the system is undercollateralised. KAVA's tokens are bought and sold by multiple parties on different exchanges, decentralising the ownership and therefore the voting power.
Kava Labs was founded by Brian Kerr, Ruaridh O'Donnell and Scott Stuart, and has a team of experienced employees and contractors. Kerr is the CEO of Kava Labs, who previously worked as an advisor for numerous blockchain and crypto platforms. O'Donnell is a former engineer and data analyst, and Stuart is a former professional poker player who is now Product Manager at Kava Labs.
Kava offers a unique solution to the problems plaguing other blockchain-based betting platforms, by adding an option for staking tokens instead of placing bets using crypto. Kava users can earn KAVA rewards by minting USDX on the platform and running their own staking nodes.
Kava users will be able to deposit an array of assets, including BTC, XRP and more thanks to Cosmos' zones technology, rather than requiring users to place bets in a volatile cryptocurrency that may increase or drop against fiat currencies like the dollar.