Emurgo, a founding entity of Cardano protocol, has announced a strategic partnership with Ergo, a proof-of-work blockchain protocol providing simple solutions for financial contracts with its UTXO-based smart contracts to application built on it.
Emurgo announced the move in a press release published on Tuesday, June 9. According to the announcement, the partnership agreement covers a collaborate stablecoin research and development (R&D) and to build tailored blockchain-based decentralized financial (DeFi) services applications, by “leveraging each other’s respective expertise in Cardano’s technical structures & privacy with UTXO-based smart contracts.”
Under the terms of this partnership, Emurgo-developed Cardano mobile wallet Yoroi will integrate and add support for Ergo native blockchain token (Erg). Announcement says that ERG will be the first cryptocurrency to be integrated into Yoroi Wallet after Cardano’s ADA.
As Crypto Economy reported, Emurgo has recently added new feature to Yoroi wallet that enables the bluetooth connectivity of wallet with Ledger Nano X hardware wallets.
Emurgo said the recent is inline with its objective to meet the increasing needs for tailored decentralized financial (DeFi) solutions moving forward. As the interest in DeFi is growing, this partnership will “allows for much-needed deeper research & DeFi solutions development.”
These DeFi solution will use Ergo’s UTXO-based smart contracts offering customized privacy and are interoperable with Cardano Blockchain. These solution will provide interested businesses the flexibility to utilize Ergo’s functionalities or move to an larger blockchain platform such Cardano.
Ken Kodama, CEO of Emurgo, commented:
“This is a natural strategic partnership that brings together the native strengths of our respective organizations for EMURGO to continue developing innovative solutions in line with the rising demands for decentralized finance services. We are also excited to have this partnership start the expansion of Yoroi Wallet’s services to a broader community.”
Ergo, is a PoW-based blockchain protocol that adds extensive new features to DeFi solution that include UTXO-based smart contracts and Sigma protocols.
This smart contracts platform is developed by former IOHK engineers. According to the company, Ergo is established on a rock-solid foundations laid by a decade of blockchain theory and development.
Alexey Chepurnoy, the founder and lead developer of Ergo, about the partnership, said:
“Cardano is arguably the most academically rigorous blockchain protocol in existence, and EMURGO is a valuable technology partner for Ergo – which has always prioritized a similarly research-driven approach to development. Meanwhile, the integration with EMURGO’s flagship Yoroi Wallet will place Ergo before one of the largest user bases in the crypto space. In particular, our joint research into a new stablecoin protocol and DeFi services promise to provide exciting new avenues for development and commercial opportunities for both parties, their communities, and business user.”
If you found this article interesting, here you can find more Cardano News
