Cardano’s New Partner to Empower DeFi Development on Network
Published: May 22, 2023 │ 5:15 PM GMT Development on Cardano has increased significantly. The POS chain has surpassed expectations by adding over 1,000 smart contracts to its...
Published: May 22, 2023 │ 5:15 PM GMT
- Development on Cardano has increased significantly.
- The POS chain has surpassed expectations by adding over 1,000 smart contracts to its network.
- Cardano is now partnering with a Swiss fintech company to empower DeFi development on its network.
The Cardano development team is dedicated to expanding and enhancing the capabilities of its network. In 2023, the Proof-of-Stake (POS) chain made a lot of progress in solidifying its reputation as a prominent player in the DeFi space, surpassing expectations by deploying over 1,000 smart contracts.
To keep the momentum going, Cardano has partnered with one of Switzerland’s most reputable fintech firms to further increase smart contract development on its network and make Cardano-based DeFi services available to more users.
Expanding Cardano’s DeFi ecosystem
On May 19, Acredius, a Swiss fintech company, announced on Twitter that it is launching a DeFi protocol in collaboration with the Cardano Foundation on the POS network. The Web3 company plans to leverage Cardano smart contracts to expand its fundraising business as part of its “commitment to providing cutting-edge technology and solutions for its users.”
Acredius users can use Cardano’s ADA token to invest in registered Swiss businesses on the new platform through this partnership. In addition, the Swiss company has promised to launch a secondary market for users to liquefy their investments and enjoy greater flexibility.
Besides empowering Swiss businesses, Acredius also looks to increase smart contract development on Cardano by joining its dApp ecosystem. The fintech company plans to leverage the Cardano blockchain for its security, transparency, and ability to promote financial inclusion.
Ghassen Benhadjsalah, Co-Founder & CEO at Acredius, shared his thoughts on the partnership:
“We are excited to join forces with Cardano, a leader in the blockchain space. This collaboration will benefit both parties and ease access to marketplace lending. Our client’s needs and expectations are evolving. We strive to be at the forefront of innovation in the marketplace lending industry.”
On the Flipside
- Cardano currently only has 20 DeFi protocols on its network.
Why This Matters
The collaboration marks a significant milestone for both the fundraising industry and Cardano’s real-world strategy. With Acredius joining the Cardano ecosystem, investors and businesses can access easy-to-use tools to optimize and decentralize their fundraising processes.
Read what Cardano’s founder has to say about the Ledger controversy:
Cardano Founder Charles Hoskinson Reacts to Ledger Controversy: “Don’t Break Social Contracts”
Read more about DeFi on Cardano:
Cardano Gears Up to Catch Ethereum as it deploys 1K Smart Contracts in 2023
This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.
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