Cardano Stablecoin Protocol, Ardana Raises $10m In Funding Round
- Ardana reportedly raised $10M in its recent funding round.
- The funding round will help Ardnana gear up for its Q4 plans.
- Aside from this, Ardana has also partnered with NEAR protocol.
In its recent strategic funding round, Cardano’s asset-backed stablecoin protocol and decentralized exchange, Ardana, reportedly raised $10M.
To note, Ardana combines a DEX stable asset liquidity pool and asset-backed fully decentralized stablecoin protocol. Because of the latter, (ADA) token holders will be able to use their assets as collateral against a cost-effective loan, denominated in the dollar-pegged dUSD stablecoin.
As it is currently gearing up for a Token Generation Event and Public Sale in Q4, the result of the funding round is indeed good news. The Cardano-powered platform whose founding team is tech veterans from Apple (NASDAQ:), Microsoft (NASDAQ:), Barclays (LON:) and Cardano, won support from cFund, Morningstar Ventures, Mechanism Capital, Kronos Research, FMFW.io, MGNR, Selini Capital, Skynet Trading, and Portico Ventures amongst others. More so, the funding round was led by Three Arrows Capital and Ascensive Assets.
Ardana CEO and Co-founder — Ryan Matovu, commented,
To say we are thrilled to welcome aboard some of the best-known names in the private equity space would be an understatement. 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.”
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.”
Going back, the Ardana Dollar uses smart contracts to let users mint, spend, and receive dUSD on the Cardano blockchain, with all dollars fully backed by collateralized assets like 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.
On the other hand, Danaswap DEX will facilitate highly capital-efficient trading between stablecoins and tokens representing identical assets such as synthetic (BTC). To add on, Danaswap will also allow users to earn interest from dUSD deposits, as well as a percentage of market-making fees generated from the app.
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 makes it the first collateralized stablecoin loan offering on both ADA and EGLD.
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