Ardana, the asset-backed stablecoin protocol and decentralized exchange, has attracted $10 million of investment in its latest strategic funding round.
The Cardano-powered platform, whose founding team features tech veterans from Apple, Microsoft, Barclays and Cardano, won support from cFund, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW.io, MGNR, Selini Capital, Skynet Trading, Kosmos VC and Portico Ventures amongst others in a round led by Three Arrows Capital and Ascensive Assets.
“To say we are thrilled to welcome aboard some of the best-known names in the private equity space would be an understatement,” said Ardana CEO and co-founder Ryan Matovu.
“As the first all-in-one stablecoin ecosystem built on Cardano, our platform provides users with convenient access to liquidity, an ever-present concern in the hyper-competitive defi world. 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.
“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.”
Currently gearing up for a Token Generation Event and Public Sale in Q4, Ardana combines a DEX stable asset liquidity pool and asset-backed, fully decentralized stablecoin protocol. Through the latter, ADA token-holders can use their assets as collateral against a cost-effective loan denominated in the dollar-pegged dUSD stablecoin.
This Ardana Dollar uses smart contracts to let users mint, spend, send and receive dUSD on the Cardano blockchain, with all dollars fully backed by collateralized assets such as ADA. When users deposit ADA into the permissionless, noncustodial Ardana vault, they receive a proportion of its value back as a newly-minted dUSD loan which, when repaid, unlocks their collateral.
The Danaswap DEX, meanwhile, facilitates highly capital-efficient trading between stablecoins and tokens representing identical assets such as synthetic Bitcoin. Danaswap also allows users to earn interest from dUSD deposits, as well as a percentage of market-making fees generated via the app.
A second native Ardana asset, DANA, functions as a utility and governance token, conferring voting rights on changes to the project’s parameters as well as a share of platform fees.
Due to a recent partnership with NEAR protocol, Ardana’s decentralized stablecoin will soon have utility across chains via bridging infrastructure, making it the first collateralized stablecoin loan offering for both ADA and EGLD.
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