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Cardano To Launch Gold-backed Stablecoin As Part Of Three-way Partnership

MELD, a decentralized finance and liquidity protocol has recently announced a three-way partnership during a crypto summit held by City A.M, a British financial newspaper held this past week. According to the reports, MELD’s three-way partnership includes the likes of Tingo Holdings, the largest mobile network in Nigeria, and an ethical crypto company Ubuntu Tribe that specializes in tokenizing natural resources.

Ken Olling, Chairman and Co-founder of MELD, revealed part of the collaboration was to launch gold-backed stablecoins on the Cardano network. As MELD is a Cardano-based defi protocol that allows users to lend, borrow or stake their assets, Olling added that gold will be stored in a vault, tokenized, and divided into fractions, and sold. The chairman highlighted the stable value of gold served as sufficient evidence that it would make a solid digital asset.

The launch of the gold-backed stablecoin is supported by Mamadou Kwidjim Touré, the founder and CEO of Ubuntu Tribe, stating the goal of the project is to democratize access. He added the launch of new stablecoins would change how users can gain exposure to wealth and generate more wealth.

The founder of Cardano, Charles Hoskinson has recently revealed COTI, a payment gateway platform for ADA, at the Cardano Summit 2021. During the event, the Cardano founder declared COTI to be the official issuer of the network’s long-anticipated stablecoin, Djed, which is based on an algorithmic design that utilizes smart contracts to maintain price stability.

As revealed by the development team of Cardano, IOHK, Djed provides Defi tools and reliable transaction costs. The stablecoin also reduces the volatility of transaction fees that can appear on the network. The development team added that Djed features will be precisely and mathematically stated and proven.

Meanwhile, Tingo Holdings is set to deliver value-added financial services to 10 million users across Nigeria as a part of the partnership with MELD. In a recent tweet by David Taylor, the head of marketing at Cardano Foundation, Nigeria’s largest mobile network is set to introduce MELD’s crypto services to the million subscribers, thus boosting the adoption scale of Cardano in the country.

As a result of the latest announcements in the network, the number of AD holders has surged up to 243,000 holders. 70% of the wallet addresses are holding recorded profits of ADA as revealed by IntoTheBlock.

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