Decentralized finance (DeFi) platform MELD and Tingo Network, Nigeria’s largest mobile network are in major partnership together. This will bring about the launch of a new gold-backed stablecoin on top of the Cardano network.
Chairman Ken Olling announces during City A.M’s crypto summit that the partnership will include Ubuntu Tribe. Meanwhile, Ubuntu Tribe is an ethical crypto company that tokenizes natural resources.
“Our goal here is simplicity and clarity…”
“…Gold will be stored in a vault, tokenized and then fractionalised and divided so we can sell it.“
According to his words, it’s a simple but powerful idea because its effective. Additionally, he goes on to say that gold’s stable value shows that a tokenized version of the precious metal is a good idea.
The Partnership will have Tingo’s nine million users gain access to MELD’s crypto services through their phones.
More so, MELD is a decentralized finance banking protocol that allows users to lend and borrow their crypto assets and fiat currencies. Also, can stake their MELD tokens.
Furthermore, It’s built on top of the Cardano blockchain, as it only lately rolls out smart contracts to its network.
Notably, There are other gold-backed stablecoins on top of other blockchains. For instance, Tether Gold (XAU) was leading the gold-backed crypto by market capitalization. However, currently Paxos Gold (PAXG) leads the chart.
Conclusively, Cardano founder Charles Hoskinson reveals that infrastructure on the cryptocurrency’s blockchain is a good option to “run a nation-state” in the future.