Exclusive: MELD to launch gold-backed stablecoin on Cardano network
MELD has announced plans to launch a gold-backed stablecoin on the Cardano network as part of plans to democratise access to crypto.
On day two of the Morning Wire crypto summit, chairman Ken Olling announced a three-way partnership with African agri-fintech Tingo International Holdings, and Ubuntu Tribe – an ethical firm which tokenises natural resources.
“Our goal here is simplicity and clarity,” said Olling.
“Gold will be stored in a vault, tokenised and then fractionalised and divided so we can sell it.”
“Its a simple idea, but incredibly powerful because you can count on it,” said Olling, pointing to gold’s stable value as proof that it would make a solid digital asset.
“The idea is to democratise access,” said Mamadou Kwidjim Touré of Ubuntu Tribe. “It’s a game changer in how people will be accessing wealth and creating wealth.”
Tingo and MELD are also embarking on a joint project to create a DeFi protocol which offers decentralised and low interest loans. The aim is to invite the $2 trillion-dollar crypto economy to invest in African farmers, and thereby support efforts to increase global food security.Chris Cleverly, President of Tingo, said: “Change is inevitable and Nigeria is leading this change.”
He stressed the vital importance of working “with technologies such as MELD and Cardano that are looking to shift the present paradigm in favour of banking for all and inclusive finance.”
On the MELD platform users can stake their crypto as collateral against a cash loan. The collateral is then loaned out in liquidity pools where they earn fees. The fees are returned to the borrower, in addition to the initial deposit, once the loan has been repaid.
Read more: Crypto Summit LIVE: Updates from the heart of the City