Ardana, Cardano’s growing stablecoin hub, announced a strategic partnership with Near Protocol on November 23. The partnership makes it possible to transfer assets between the two protocols where Ardana will provide the infrastructure for the bridge.

Ardana is a decentralized stablecoin hub built on the Cardano network. While Ardana (DANA) is its management token, it will use dUSD as verified collateral in the chain so that borrowers can take advantage of Cardano (ADA) or other secured assets.

With Near Bridge, Cardano users will soon be able to transfer assets from Cardano to Near and vice versa. NEAR (NEAR) will soon be available as a Cardano asset. NEAR will serve as security for Ardana by minting stable coins.

Using the Proof of Stake consensus, Near is already working with Ethereum, Polkadot, Cosmos and others. The addition of Cardano to its three blockchain portfolio will strengthen the network and enable greater integration between Cardano partners such as Ardana. Ryan Matofo, CEO and founder of Ardana, said:

“The collaboration will help both organizations find new growth opportunities in the evolving blockchain technology ecosystem and will be an important milestone in the future of blockchain scalability.”
He told the Cointelegraph that Adana is collaborating with NIR because it is “a great ecosystem with reliable technology.”

This news follows the rapid increase in popularity of Cardano. The network recently crossed 2 million wallets, and according to the Cardano Foundation, the previous 1 million ADA wallet milestone was reached just six months ago.

“NEAR has always envisioned a multi-chain world where each blockchain can communicate and exchange data seamlessly with each other. Ardana helps create a world with multiple chains, and such integrations help achieve that goal,” said Eric Trautman, CEO of NEAR Foundation.

The NEAR partnership follows a number of partnerships over the past six months, including Alchemy Pay, Ceramic and the Octopus Network.

Ultimately, Charles Hoskinson’s vision for the network is that Cardano “will benefit as an ecosystem as a movement.” Partnerships, bridge building and blockchain integration will further the Cardano Foundation’s goals.

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