After completing a critical mainnet upgrade last week, blockchain network Cardano (ADA) has announced that it is ready to establish its own decentralized finance (DeFi) platform.
The Alonzo hard fork added smart contract capability to the blockchain, allowing Cardano developers to construct DeFi platforms, decentralized apps (DApps), and non-fungible tokens (NFTs) on the network for the first time.
EMURGO, the altcoin's commercial arm, is teaming up with Shenzhen-based tech firm Blockchain 4A to launch Astarter, a new business aimed at helping the financially disadvantaged.
Ken Kodama, EMURGO's chief executive officer, says,
“Over the last year, DeFi has gained a lot of popularity because it can give more accessible financial services to a lot of people who have been underserved by the current banking system.
Financial inclusion and social cohesiveness are aided by a broader range of services, particularly in places where traditional financial services are missing.
Astarter is a first step in utilizing Cardano's research-driven blockchain as a platform for developing crucial decentralized financial infrastructure that everyone can use.”
By the end of the year, Asarter expects to launch its initial decentralized exchange offering (IDO), followed by the integration of decentralized borrowing and lending.
At the time of writing, Cardano was trading at $2.39, down 13% from its seven-day high of $2.76, according to CoinGecko.
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