In Brief:
- Ardana raised $10M in a funding round led by Three Arrows Capital and Ascensive Assets.
- Other investors like Mechanism Capital, FMFW, Morningstar Ventures participated in the round.
Ardana, an All-in-one DeFi station running on Cardano, has raised $10M in a funding round led by Three Arrows Capital and Ascensive Assets.
Various other investors also participated in the funding round including Mechanism Capital, FMFW, Morningstar Ventures, etc.
According to Ryan Matovu, CEO of Ardana, stated the deal “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 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.”
The company is constructing two key products: a stablecoin called dUSD and decentralized exchange (DEX) called Danaswap. The stablecoin will permit users to take loans against Cardano ecosystem tokens like ADA. On the other hand, DEX will permit users to trade tokens, get interested from stablecoin deposits, and earn rewards in platform native DANA tokens.
Since January 2021, the protocol has been under development, said Ryan and will launch in the fourth quarter of 2021.
Last month, Cardano executed 100 smart contracts in the first 24 hours after the Alonzo upgrade. The Alonzo hard fork lets smaller enterprises create Dapps without compromising sustainability goals or business costs.
