Cardano Stablecoin Protocol, Ardana Raises $10m In Funding Round -Breaking
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Cardano Stablecoin Protocol, Ardana Raises $10m In Funding Round- Ardana raised at least $10M during its most recent round of funding.
- Ardnana’s Q4 planning will be made easier by the financing round.
- Ardana is also associated with NEAR protocol.
In its recent strategic funding round, Cardano’s asset-backed stablecoin protocol and decentralized exchange, Ardana, reportedly raised $10M.
Ardana is a combination of a fully decentralized, stable currency protocol and a DEX stable liquidity pool. Token holders can use the assets of (ADA), to secure a low-cost loan denominated with the dollar-pegged, dUSD stablecoin.
The funding round was a good one as the company is gearing up to host a Token Generation Event in Q4 and launching a Public Sale. Cardano’s powered platform is founded by tech professionals from Apple (NASDAQ;), Microsoft (NASDAQ.) Barclays (LON 🙂 Cardano and Mechanism Capital won support, as did Mechanism Capital, Morningstar Ventures and Kronos Research. Three Arrows Capital, Ascensive Assets led the financing round.
Ardana CEO and Co-founder — Ryan Matovu, commented,
It would be an exaggeration to say that we are delighted to welcome aboard the most prominent names in private equity. Our platform is the only all-in-one stablecoin environment built on Cardano. It provides easy access to liquidity for users, a constant concern in hyper-competitive DeFi. We are also able to leverage Cardano’s speed, scalability, and security to offer a decentralized financial solution that works for everyone, and soon we’ll even be facilitating foreign exchange on-chain.”
Matovu also added, “Along with the investors’ expertise, this funding will allow us to establish Ardana as one of the premier DeFi gateways on the Cardano blockchain. The future is bright.”
The Ardana Dollar is a smart contract that allows users to create, spend and then receive dUSD using the Cardano Blockchain. All dollars are fully backed up by collateralized assets such as ADA. According to the team, when users deposit ADA into the permissionless, noncustodial Ardana vault, they will receive a portion of its value back — as a newly minted dUSD loan, which, when repaid, unlocks their mentioned collateral.
Danaswap DEX, on the other hand will allow capital-efficient trades between stablecoins or tokens that represent identical assets like synthetic (BTC). Danaswap users will be able to make a portion of the market-making fees and earn interest on dUSD deposits.
Similarly, Ardana’s second native asset, DANA, functions as a utility and governance token — conferring voting rights on changes to the project’s parameters as well as the share of platform fees.
It is also important to note that because of its recent partnership with NEAR protocol, Ardana’s decentralized stablecoin will soon have utility across different chains via bridging infrastructure. This is why it’s the first secured stablecoin loan on both ADA & EGLD.
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