NEW YORK, January 12, 2022 (GLOBE NEWSWIRE) — MELD (Singapore) announced today that it is working with Enegra Group Ltd. (Kuala Lumpur) to create a unique DeFi application based on a credit security token market to borrow fiat and cryptocurrencies in exchange for security tokens. Through this, EGX token holders will be able to use their EGX tokens on the MELD protocol as collateral to borrow both fiat and cryptocurrencies.
EGX token holders can provide liquidity in MELD’s EGX lending markets and investors can purchase the EGX through https://big.one. EGX holders will be able to lend EGX tokens as collateral using the MELD protocol, and borrow assets such as ADA, mETH, mBTC, and even fiat currencies like USD and EUR.
Integrating the MELD protocol into the Enegra ecosystem will be able to tap into a value of up to $13 billion, leading to lending and borrowing opportunities for those who wish to earn interest on their underlying cryptocurrency or fiat.
To achieve this, Enegra will provide access to the Polygon-based EGX token to be encapsulated in the Cardano Blockchain and used as collateral on the MELD protocol. As such, MELD will support the EGX token and its licensed status via the ADAmatic bridge.
Matthew Avery, Managing Director and CEO of Enegra commented, “Enegra has tokenized its shares (Egyptian exchange security tokens) to improve liquidity. In line with this goal, we have recently migrated the Egyptian Exchange to the Polygon blockchain to enable faster and cheaper transaction costs and we have also successfully listed The Egyptian Exchange on the BigOne Exchange – the first of a number of planned exchange listings We are now excited to work with MELD to enable EGX holders to take advantage of the DeFi credit market system for borrowing and lending on the EGX The results of our token holders on the exchange as we continue to lead the liquidity paths for them “.
Ken Oling, CEO and Co-Founder of MELD added, “As Cardano is a growing ecosystem and as blockchains become more mature, the need for bridges to other chains becomes more important and expected by users. We believe Polygon technology is in line with our priorities and the technical priorities of Cardano Blockchain. Which provides low transaction latency and low transaction fees while maintaining a high degree of security.Capital efficiency that Polygon provides is essential to building in the DeFi space.Cardano and Ethereum are the two largest Tier 1 blockchains enabled by smart contract with a combined market capitalization of $450 billion of Liquidity MELD believes that this liquidity should be deployable anywhere and not limited to a single blockchain. In addition, as DeFi grows on both Ethereum and Cardano, capital efficiency will become even more important for the protocols running on these blockchains. We believe that the best way to reach our capital targets is through building a polygon bridge between Cardano and Polygon.”
MELD (Singapore) is focusing on Decentralized Finance (DeFi), with the long-term goal of enabling more than two billion people – who are either underbanked or have no access to banking at all – to access tools and solutions built around leveraging currency assets. encrypted. Services offered by MELD include creating loans backed by cryptocurrency, earning interest return for paper lending to borrowers and participating in bonus incentive programs. MELD offers an instant loan against cryptocurrency holdings at a competitive APR, or to receive a line of credit and pay interest only on what you use. A world-class DeFi protocol using the Cardano platform, MELD uses smart contracts to ensure complete transparency and fairness for all parties including the minting and distribution of tokens. The company currently raised $10 million through ISPO as of the fourth quarter of 2021. For more details, visit www.meld.com.
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