PRESS RELEASE
MELD Protocol to integrate with the EGX Token (Enegra), Allowing EGX Holders to Borrow Crypto and Fiat Currencies. SINGAPORE and KUALA LUMPUR, MALAYSIA – MELD (Singapore) today announced it has been working with Enegra Group Ltd. (Kuala Lumpur) to create a unique DeFi application based on a credit security token market for borrowing fiat and cryptocurrencies against security tokens. Through this, EGX token holders will be able to use their EGX tokens on the MELD protocol as collateral to borrow both fiat and cryptocurrencies. EGX token holders can provide liquidity into MELD’s EGX lending markets and investors are able to purchase EGX through https://big.one. EGX holders will be able to lend their EGX tokens as collateral using the MELD protocol and borrow assets such as ADA, mETH, mBTC, and even fiat currencies such as USD and EUR. Integration of the MELD protocol into the Enegra ecosystem will be able to leverage the value of up to $13B US, resulting in lending and borrowing opportunities for those who want to earn interest on their latent crypto or fiat currencies. To achieve this, Enegra will be providing access to their Polygon-based EGX token to be wrapped on
Cryptonaire Weekly | January 25th 2022
the Cardano Blockchain and used as collateral on the MELD protocol. As such, MELD will support the EGX token and its permissioned state across the ADAmatic bridge. Matthew Averay, Managing Director & CEO at Enegra commented: “Enegra tokenized its equity (EGX security tokens) to improve liquidity. Consistent with this aim, more recently, we migrated EGX to the Polygon blockchain, to enable faster and cheaper transaction costs and we also successfully listed EGX on the BigOne Exchange — the first of a number of planned exchange listings. We are now excited to work with MELD to enable EGX holders to take advantage of a DeFi credit market ecosystem for EGX borrowing and lending. This is a great outcome for EGX token holders as we continue to drive liquidity pathways for them.” Ken Olling, CEO and Co-Founder at MELD added: “As Cardano is a growing ecosystem and as the maturity of blockchains increases, the need for bridges to other chains becomes more important and expected by users. We believe that the Polygon technology is aligned with our priorities and the technical priorities of the Cardano blockchain providing low transaction latency and low transaction fees while still maintaining a high degree of security. The capital efficiency that Polygon offers is essential to building in the DeFi space. Cardano and Ethereum
10
+44 (0) 207 558 8486
