MELD — Enegra Partnership

MELD to integrate the EGX token (market-cap $US 12.75 billion) for EGX holders to borrow crypto and fiat currencies!

We are pleased to announce our signed memorandum of understanding between Enegra Group and MELD. 

MELD has been working with Enegra to create a unique DeFi application consisting of a credit security token market for borrowing fiat and cryptocurrencies against security tokens. Through this, EGX token holders will be able to use their EGX tokens on the MELD protocol as collateral to borrow both fiat and cryptocurrencies!

Enegra is proud to be one of the world’s first regulated companies to issue equity-backed digital security tokens, under security token code EGX on the Polygon network. EGX listed on the BigOne exchange on 15 December — the first of a number of planned exchange listings. Enegra has secured lucrative mining offtake agreements among 16 mid-tier mines in Southeast Asia. This provides Enegra with exclusive access to 1.8 billion tonnes of thermal coal and up to 500,000 tonnes per month of nickel sands. The valuation of these mining offtake assets provides Enegra with an audited Net Asset Value (NAV) of $US 33 billion, audited by Crowe LLP https://www.crowe.com/ a global top 10 accounting and audit firm.

EGX Tokens

Enegra has tokenized 100% of the equity in Enegra Group Ltd, with equity represented by the T-REX compliant EGX security token issued on the Polygon blockchain (ISIN: MYA159590209).

There are currently 85 million EGX tokens issued to represent the ordinary shares of Enegra Group Ltd. The shares are held by a licensed Trust Company as Nominee on behalf of EGX token-holders, and all rights and distributions are passed on to EGX token-holders, including distributions and voting.

Based on the total issued supply, each EGX token has a Token Market Price of $US 150, underwritten by an audited 2020 balance sheet. As EGX tokens are securities, in order to purchase EGX, investors need to first pass KYC/AML checks and be whitelisted. Once whitelisted, investors can buy and sell EGX.

Enegra’s EGX security tokens will provide deep liquidity for lenders of the MELD protocol to receive healthy interest rates on their cryptocurrencies.

The EGX token trades on the Big.ONE exchange as EGX-USDT pair: https://big.one/en/trade/EGX-USDT

  • EGX Total Circulating Supply —85 million
  • EGX Token Market Price — $US 150 (refer to https://big.one/en/trade/EGX-USDT for latest price)
  • EGX Total Market Capitalization— $US 12.75 billion
  • EGX Total Net Asset Valuation (audited by Crowe) — $US 33 billion

EGX Holders to Borrow Against Their Tokens Using the MELD Protocol

Enegra is providing liquidity into the EGX lending markets. EGX holders will be able to lend their EGX tokens as collateral using the MELD protocol and borrow assets such as ADA, mETH, mBTC, USD, and EUR.

Integration of the MELD protocol into the Enegra ecosystem will be able to leverage the value of up to $US 33 billion — Resulting in fantastic lending opportunities for those who want to earn some interest on their latent crypto or fiat currencies.

Enegra will be providing access to the Polygon-based EGX token to be wrapped on the Cardano Blockchain and used as collateral on the MELD protocol. As such, MELD will support the EGX token and its permissioned state across the ADAmatic bridge.

Matthew Averay, Managing Director & CEO at Enegra commented: “Enegra tokenized its equity (EGX security tokens) to improve liquidity. Consistent with this aim, more recently, we migrated EGX to the Polygon blockchain, to enable faster and cheaper transaction costs and we also successfully listed EGX on the BigOne Exchange — the first of a number of planned exchange listings. We are now excited to work with MELD to enable EGX holders to take advantage of a DeFi credit market ecosystem for EGX borrowing and lending. This is a great outcome for EGX token holders as we continue to drive liquidity pathways for them”

Ken Olling, CEO and Co-Founder at MELD added: “As Cardano is a growing ecosystem and as the maturity of blockchains increases, the need for bridges to other chains becomes more important and expected by users. We believe that the Polygon technology is aligned with our priorities and the technical priorities of the Cardano blockchain providing low transaction latency and low transaction fees while still maintaining a high degree of security. The capital efficiency that Polygon offers is essential to building in the DeFi space. Cardano and Ethereum are the two largest smart contract enabled layer one blockchains with a combined market cap of 450 billion dollars in liquidity. MELD believes this liquidity should be able to be deployed anywhere and not limited to one single blockchain. Additionally, as DeFi grows on both Ethereum and Cardano, capital efficiency will become more and more important to protocols operating on these blockchains. We believe the best way to reach the goals of capital-efficient application of liquidity across multiple blockchains can be achieved by building a Polygon bridge between Cardano and Polygon.”

MELD are excited to work with Enegra and EGX on Polygon as this project will demonstrate the cross-chain scale and liquidity consistent with the MELD vision!

 

MELD — Be Your Own Bank

We think it’s essential for everyone to gain control of their financial lives and have equal access to financial instruments used by professionals, not just centralized institutions, governments, or the 1%. We want to provide financial freedom and control to the masses, including the unbanked.

We have a long-term goal to enable the $15 trillion that is currently locked out of the global economy, including 2 billion individuals worldwide that are either underbanked or have no access to banking services whatsoever, access to these tools. These are the people that are paying the highest fees, getting the worst customer service, and they are the ones that are having the most problems.

Our vision is to create an ecosystem that empowers individuals to regain financial control by providing them with the tools and services they need to manage their money on their terms. Whether that be creating a collateralized debt position (CDP) with cryptocurrency, earning an interest return for lending fiat to borrowers, or even participating in reward incentive programs, we strive to provide our users with the functions they need to manage their own financial lives.

Enegra Group Ltd (LL15959) is a commodity trading company focused on resources in Southeast Asia. Equity in Enegra has been tokenised via the EGX security token. For enquiries related to the purchase of EGX please contact support@enegragroup.com.