Allowing EGX Holders to Borrow Crypto and Fiat Currencies
NEW YORK, Jan. 12, 2022 (GLOBE NEWSWIRE) — MELD (Singapore) today announced it has been working with Enegra Group Ltd. (Kuala Lumpur) to create a unique DeFi application based on a credit security token market for borrowing fiat and cryptocurrencies against 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 into MELD’s EGX lending markets and investors are able to purchase EGX through https://big.one. EGX holders will be able to lend their EGX tokens as collateral using the MELD protocol and borrow assets such as ADA, mETH, mBTC, and even fiat currencies such as USD and EUR.
Integration of the MELD protocol into the Enegra ecosystem will be able to leverage the value of up to $13B US, resulting in lending and borrowing opportunities for those who want to earn interest on their latent crypto or fiat currencies.
To achieve this, Enegra will be providing access to its Polygon-based EGX token to be wrapped on the Cardano Blockchain and used as collateral on the MELD protocol. As such, MELD will support the EGX token and its permissioned state across the ADAmatic bridge.
Matthew Averay, Managing Director & CEO at Enegra, commented, “Enegra tokenized its equity (EGX security tokens) to improve liquidity. Consistent with this aim, more recently, we migrated EGX to the Polygon blockchain to enable faster and cheaper transaction costs and we also successfully listed EGX 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 a DeFi credit market ecosystem for EGX borrowing and lending. This is a great outcome for EGX token holders as we continue to drive liquidity pathways for them.”
Ken Olling, CEO and co-founder at MELD, added, “As Cardano is a growing ecosystem and as the maturity of blockchains increases, the need for bridges to other chains becomes more important and expected by users. We believe that the Polygon technology is aligned with our priorities and the technical priorities of the Cardano blockchain providing low transaction latency and low transaction fees while still maintaining a high degree of security. The capital efficiency that Polygon offers is essential to building in the DeFi space. Cardano and Ethereum are the two largest smart contract-enabled layer-one blockchains with a combined market cap of $450 billion in liquidity. MELD believes this liquidity should be able to be deployed anywhere and not limited to one single blockchain. Additionally, as DeFi grows on both Ethereum and Cardano, capital efficiency will become more and more important to protocols operating on these blockchains. We believe the best way to reach the goals of capital-efficient application of liquidity across multiple blockchains can be achieved by building a Polygon bridge between Cardano and Polygon.”
About MELD:
MELD (Singapore) focuses on decentralized finance (DeFi), with the long-term goal of enabling more than two billion individuals — who are either underbanked or have no access to banking services whatsoever — to access tools and solutions built around leveraging cryptocurrency assets. Services offered by MELD include creating cryptocurrency-backed loans, earning an interest return for lending fiat to borrowers and participating in reward incentive programs. MELD enables an instant loan against cryptocurrency holdings at a competitive APR, or to receive a credit line and only pay interest 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 both minting and distribution of tokens. The company has currently raised $10 million through an ISPO as of Q4 2021. For more details, visit www.meld.com.
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Contact: Kristin Weissman | Attika Intelligence | [email protected] | 321-203-9325
