Milan, Italy — Leading European DeFi company Folks Finance becomes the first platform to bring digital gold and silver to a wider audience by listing GOLD and SILVER — tokens tied to the real price of these precious metals.
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Powered by Algorand, these tokens facilitate lending, borrowing, and trading of precious metals directly on the Folks Finance platform, bringing traditional financial assets into the DeFi space.
Each token is backed by a gram of physically secured gold or silver, enabling tangible assets to enter Algorand’s DeFi ecosystem for the first time. This historic development signifies a pivotal step in bridging conventional finance with decentralized finance, unlocking the utilization of real gold and silver in DeFi loans and trades.
This strategic move is anticipated to draw in new users and capture the attention of traditional financial sector investors, given the accelerating growth of the real-world asset (RWA) market. Forecasts from digital asset management firm 21.co predict the RWA industry could surge to $10 trillion by 2030.
“We are excited to bring GOLD and SILVER to the Folks Finance platform,” said Benedetto Biondi, CEO of Folks Finance.
“This listing is a testament to our commitment to expanding RWA offerings and making DeFi more accessible to a wider range of users.”
Benedetto Biondi, CEO of Folks Finance
Trading GOLD and SILVER is available for users starting December 4, with high excitement coming from the community and ecosystem.
This addition of tokenized gold and silver aligns with Folks Finance’s recent listing of EUR stablecoins by Stasis, reinforcing their dedication to broadening the range of RWAs offerings on their platform and facilitating their functionality on Algorand.
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About Folks Finance
Folks Finance is a leading DeFi protocol that allows users to lend, borrow, stake, trade and manage digital assets in one platform. Folks Finance streamlines the DeFi experience with a UI and UX competitive to centralized exchanges, all while running on permissionless smart contract technology.
The protocol stands out on Algorand with over $100M TVL. The Folks team is scaling by launching an innovative cross-chain platform that will power multiple chains’ interaction through CCIP and Wormhole without friction in bridging, gas fees and network selection. The platform has recently received the best research papers award from the British Blockchain Association.
About Meld
Meld is a company that provides fractionalized gold and silver. Meld’s platform allows users to purchase fractions of gold and silver bars, making these precious metals more accessible in the crypto industry. One Meld Token equates to one gram of the corresponding precious metal that is fully redeemable and housed in a network of secure vaults and facilities.
Sourced from cryptonews.net.
