Cardano Powered DeFi Platform Will Launch A Gold-Backed Stablecoin

The cryptocurrency market is very broad every day we hear about new crypto tokens. Today we have a piece of good news for Cardano users. Cardano-based decentralized finance (DeFi) platform MELD has partnered with Tingo Network which is Nigeria’s largest mobile network is going to launch a new Gold-Backed stablecoin on the Cardano’s network.

MELD is a decentralized finance banking protocol based on Cardano’s network. The company facilitates its users to lend and borrow crypto assets and fiat currencies to stake their MELD tokens to earn profit.

In a crypto summit, Ken Olling the Co-Founder and Chairman of MELD said, “Our goal here is simplicity and clarity. Gold will be stored in a vault, tokenized and then fractionalized and divided so we can sell it”.

During the crypto summit, Ken Olling announced the partnership with Tingo Network, they will also include the Ubuntu Tribe, which is an ethical crypto company that tokenizes natural resources.

According to the announcement, Gold is a precious metal and its stable value will be proof of a tokenized version of this precious metal. There are more than 9 million users of the Tingo network, they will gain access to MELD’s crypto services through their smartphones.

Currently, there are also some other gold-backed stablecoins in market circulation on other blockchains including Tether Gold (XAU₮) and Paxos Gold (PAXG).

Source: Beingcrypto