Meld recently unveiled its crypto lending and borrowing protocol based on the Cardano network. The venture started the project by kickstarting an ISPO or initial stake pool offering.
The Singapore-based venture has already raised over 45 million dollars using private token sales and the initial stake pool offering.
The process has developed a non-custodial, decentralized borrowing and lending platform, which aims to equal the financial arena for everyone. Surprisingly, the world still has two billion people without any bank accounts. While a portion cannot afford them, some do not deem them necessary.
Meld CEO Ken Olling has stated that the team wanted to build a lending and borrowing protocol on the Cardano blockchain because they wanted to have a first-mover advantage in that space.
Cardano has big aspirations for the future, including moving beyond the settlement layer to a Control layer that will act as a “trusted computation framework” for complex systems like gambling and gaming. Cardano is the future of cryptocurrency, not where it has been. The fact that ADA-USD is more energy-efficient and superior when it comes to facilitating DeFi transactions and smart contracts makes it one of the more useful digital tokens, as well as an appealing option for investors looking for exposure to cryptocurrencies that haven’t reached absurdly high market values. You can get more details here about the future of ADA.
Meld CEO Ken Olling also talked about the recent development with VentureBeat. Ken stated that Meld’s aim is to assist that part of the population by offering a range of financial solutions and tools. Such tools revolve around using crypto assets as collateral for crypto or fiat-based loans.
Ken added that Meld is delighted to offer a new way to equip robust financial products and services to billions of people. In addition, these instruments will bring simpler and more innovative methods to users. The primary benefit of raising loans using crypto as collateral is to shelter cryptocurrencies from being forcibly sold off during a market dip.
The venture claims to have acquired 40,000 token holders, staking over 620 million ADA. Meld also raised 35 million dollars using an additional private token sale. Given the buzz Meld is generating, the venture is certain to be a hit in the market.