MELD Launches the First Non-Custodial Lending and Borrowing Protocol on Cardano

New and innovative startup MELD provides advanced financial tools and services to 2 billion unbanked and under-banked people worldwide.

Bishal Kumar Chanda2 min read
MELD Launches the First Non-Custodial Lending and Borrowing Protocol on Cardano

With a rise in decentralized businesses built on the blockchain, MELD announced its cryptocurrency lending and borrowing protocol on the Cardano blockchain. Launched in February 2022, MELD is a new and innovative startup aiming to equalize the playing field among investors with different financial statuses. Around 2 billion people worldwide are under-banked or lack banking capabilities. MELD brings a range of financial tools and solutions targeting these 2 billion people to provide them with crypto-backed loans.

MELD took a unique approach towards its token launch, and it claims to have around 400,000 token holders. MELD became the first company to successfully conduct an Initial Stake Pool Offering (ISPO) and attract over $1 billion in ADA tokens. Including an additional private token sale, MELD raised about $45 million for its funding. MELD also represents the first decentralized protocol that incorporated fiat loans backed by crypto. It enables users to perform low friction transactions between fiat and crypto positions.

MELD token is used for protocol governance, and users can stake MELD on the MELDapp for providing security to the protocol. The stakes can earn an APY generated from the protocol fees and liquidity rewards. One of the primary purposes of the MELD protocol is to unify crypto and fiat along with various blockchains and DeFi protocols. Powered by Cardano, the smart contracts of MELD ensure 100% transparency and fairness for all parties involved. Compared to other blockchains, Cardano has excellent transaction efficiency, and it dramatically reduces the fees compared to any ETH-based solution.

Never before offered by any traditional banks, MELD’s financial services are expected to gain early traction in Europe. It is also predicted to have strong traction in countries like El Salvador and Nigeria, where cryptocurrencies are a legal tender or have already reached mainstream usage. Catering powerful financial products, instruments, and services, MELD can be the new revolutionary protocol that changes the way traditional financial institutions work. So, where to buy MELD tokens? Major crypto exchanges like Bitrue and FMFW have already listed MELD from 3rd February.

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