Meet Emurgo and Ergo – the newest blockchain partners which teamed up to create financial solutions for Cardano (ADA). The financial identity of both companies is obviously linked to their blockchain capabilities, as the latest blockchain news show.
While Emurgo is a blockchain company which is tasked with driving the adoption of Cardano, Ergo is a Proof-of-Work (PoW) protocol that provides financial contracts. The company said that the two will work together and explore stablecoins and financial services applications. On the other hand, the other native token ERG will be integrated into Yoroi Wallet.
Basically, Emurgo and Ergo will offer tailored DeFi solutions which will be inspired by the recent developments in the Cardano blockchain. The companies tasked with facilitating the adoption have begun announcing new partnerships and projects which are set to bring Cardano to the masses.
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The most recent news to come out of Emurgo is that the company partnered with Ergo, a proof-of-work (PoW) algorithm which facilitates financial contracts. Founded by former IOHK engineers, the company is looking to provide customized privacy for stakeholders on its network.
The announcement also shows that Emurgo and Ergo are the blockchain partners which will collaborate on research and development of stablecoins and provide financial services through 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.
Even though more than $1 billion in total value is now locked away in DeFi solutions, both Emurgo and Ergo believe that there is a lot of room for the space to grow. Emurgo described the partnership with Ergo as “strategic” and besides the Cardano news and the fact that it will help ADA be supported in a better way, Ergo’s ERG token will also reap some benefits.
One of the first major developments coming out from this partnership is the integration of ERG, which is Ergo’s native cryptocurrency, into the Yoroi wallet. The company’s token will be the first one along with ADA to be supported by the lite Cardano wallet that is set to process many 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 said in the announcement.
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