Ardana partners with Near protocol on Cardano bridge infrastructure

Ardana, Cardano's growing stablecoin hub, announced a strategic partnership with the Near protocol on November 23. The association allows the transfer of assets between the two protocols in which Ardana will provide the bridge infrastructure.

Ardana is a decentralized stablecoin hub built on the Cardano network. While Ardana (DANA) is its governance token, it will use dUSD as a verified on-chain collateral to allow borrowers to leverage its Cardano (ADA) or other backed assets.

Thanks to its bridge to the Near protocol, Cardano users will soon be able to transfer assets from Cardano to Near and vice versa. The NEAR (NEAR) will also soon be available as an asset on Cardano. NEAR will serve as collateral in Ardana to mint stablecoins.

Using the proof-of-stake consensus, Near already works alongside Ethereum, Polkadot, Cosmos, and others. Adding Cardano to your third-generation blockchain portfolio will strengthen the network and bring more integrations between Cardano partners like Ardana. Ryan Matovu, CEO and founder of Ardana, said:

"The collaboration will help both organizations explore new avenues of growth in the emerging ecosystem of blockchain technology and will prove to be a future milestone for blockchain scalability."

He told Cointelegraph that Adana partnered with Near because "they are a superior ecosystem with strong technology."

The news comes on the heels of the strong growth in Cardano adoption. The network recently exceeded the 2 million wallet brand, and according to the Cardano Foundation, the previous milestone of 1 million ADA wallets was reached just six months ago.

“NEAR's vision always envisioned a multi-chain world, where each blockchain could talk and exchange data with each other seamlessly. Ardana to help create a multi-chain world, and integrations like this help achieve that goal, ”said Erik Trautman, CEO of NEAR Foundation.

NEAR's 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 “win, as an ecosystem, like a movement. "Partnerships, bridges, and blockchain integrations will further the goal of the Cardano Foundation.