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 City A.M. crypto summit chairman Ken Olling announced a three way partnership with Tingo Holdings, Nigeria’s largest mobile network, and Unbutu Tribe, an ethical crypto company which tokenises natural resources.
“Our goal here is simplicity and clarity,” said Olling, who wants to make trading accessible to anyone with a mobile. “Gold will be stored in a vault, tokenized 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.
As part of the partnership Tingo’s 9m strong mobile network will gain access to MELD’s crypto banking services through their phones.
MELD, which lets users lend, borrow and stake capital, is based on the Cardano network which makes transactions ultra-fast and cheap.
“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.”
On the MELD platform users can stake their crypto as collateral against a cash loan. The collateral is then lent 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.
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Read more: Crypto Summit LIVE: Updates from the heart of the City
