Emurgo and Ergo Associate to Develop Blockchain-Based Financial Solutions for Cardano

Emurgo and Ergo Associate to Develop Blockchain-Based Financial Solutions for Cardano

Blockchain
June 12, 2020 Komal Joshi
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Emurgo, a blockchain company tasked with driving Cardano’s adoption, has declared a strategic company with Ergo, a PoW protocol offering financial contracts. The company stated that the two would collectively explore stablecoins and financial services applications, while Ergo’s native token ERG will be integrated into Yoroi Wallet. Emurgo to offer tailored DeFi solutions with Ergo
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Emurgo, a blockchain company tasked with driving Cardano’s adoption, has declared a strategic company with Ergo, a PoW protocol offering financial contracts. The company stated that the two would collectively explore stablecoins and financial services applications, while Ergo’s native token ERG will be integrated into Yoroi Wallet.

Emurgo to offer tailored DeFi solutions with Ergo

Following the significant developments in the Cardano blockchain, the companies tasked with helping its adoption have started declaring new associations and projects that are set to bring Cardano to the masses. The latest major news to come out of Emurgo is that the company has collaborated with Ergo, a proof-of-work (PoW) platform that promotes financial contracts. Established by former IOHK engineers, Ergo gives customized privacy for stakeholders on its network.

According to the declaration, the two companies will associate on research and development of stablecoins, as well as providing financial services by decentralized applications. “EMURGO’s strategic partnership with Ergo aligns with the objective to also meet the increasing needs for tailored decentralized financial (DeFi) solutions moving forward,” the company said.

Utilizing Ergo’s private smart contracts

Although over $1 billion in total value is recently locked away in DeFi solutions, both Emurgo and Ergo consider that there is enormous potential to improve. Emurgo described its partnership with Ergo as “strategic,” as it will enable it to develop solutions that are in line with the increasing demand for DeFi services.

The first significant development to come out of the association is the combination of ERG, Ergo’s native cryptocurrency, into the Yoroi Wallet. The company’s token will be the first coin aside from Cardano’s native ADA to be held by Yoroi, a lite Cardano wallet that is set to process various dapps in the future. “The integration with EMURGO’s flagship Yoroi Wallet will place Ergo before one of the largest user bases in the crypto space,” Ergo core developer Alexander Chepurnoy stated in the declaration.

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