New York, NY, June 7, 2022 – (SEAPRWire) – Capricorn Protocol, a multiple-asset-backed stablecoin project for blockchain platform, has announced its partnership with Malaysia listed MQ Technology (635804-H) to reshape existing market rules. The agreement was officially signed at an offline meeting in Viva Shopping Mall set up by Capricorn Protocol to discuss the fall of UST and address the challenges of the stablecoin market. Both parties hope to make the currently downtrodden sector more convenient for enterprises and individuals alike.
In the form of an investment, the collaboration with MQ Technology, the Malaysian listed company at a valuation of $200 million. “We, Capricorn Protocol, are adopting a more convenient way by providing more convenient channels for enterprise financing efficiently and more safely and integrate with the diversified assets using blockchain technology to fill in the gap,” Bryan Teh, Partner of Capricorn.
“Under the COVID-19 epidemic, the vulnerability of enterprises is further revealed, facing shortage of funds, encountering the problem of high financing thresholds. After completing all the credit assessment processes, the time for financing applications is too long that the enterprises are often unable to get immediate help.” Said Terrence Cheah, Executive Director of MQ Technology, “the partnership with Capricorn definitely offers us more choice by using its lending protocol, which takes the traditional financial assets on the chain as value support and operation medium through NFT technology and giving full play to its own advantages and empower traditional businesses.”
Details of the Offline Capricorn Protocol Meeting
During this meeting, MQ Technology and Capricorn Protocol reaffirmed their primary intent to maximize benefits by instituting a strategic and straightforward partnership to deliver a foundation and structure to upscale progress in the industry. Furthermore, the Capricorn Protocol team engaged the guests in a lively conversation that bordered on the recent happenings in the stablecoin market.
Discussing the impact of the infamous incident on the nascent stablecoin market, Capricorn Protocol suggests the concept of collateralized stablecoins as the way forward. Citing the Capricorn Protocol as a perfect example, the team reveals CUSD—its stablecoin—is collateral-backed. Highlighting the availability of a valid mechanism, user confidence, and sufficient collateral as a few pillars of a sustainable stablecoin project, Capricorn reveals it is the template its infrastructure is built on.
Based on this, CUSD will have adequate credit, and the underlying assets will possess higher capital utilization efficiency. Additionally, the funds actively taking part in Capricorn will receive higher returns.
The Capricorn Protocol team anticipates regulatory attention. The team has years of experience in the banking industry, and a few members are familiar with legal and financial laws, with solid compliance compatibility. Capricorn Protocol is well prepared to accelerate the next stage of stablecoins amidst regulatory attention.
Capricorn Protocol understands the need for stablecoins in the crypto market. Albeit Bitcoin and Ethereum are ideal payment methods, Capricorn is cheaper and faster. The high volatility of the premier cryptocurrency—Bitcoin— puts users at risk of losing funds. Thus, making it a non-convenient option for payments.
“Of course, everything is not easy. It takes time to happen. During this period, we will face many challenges. For example, the market needs time to verify the mechanism of Capricorn, build confidence in Capricorn, and higher barriers to entry, stricter regulation …,” said Bryan Teh, “But even with all the visible and unseen difficulties of the track, someone has to start the race. In the past few years, we have seen the rise and widespread use of stablecoins such as USDT, USDC, DAI, and FRAX, and we have also seen players such as UST, AMPL, BASIS, and ESD who have fallen on this path. With so many successful experiences or failures for us to learn from, and the advantages of our team’s experience and resources in the fields of finance, law, and compliance, I believe that Capricorn can successfully occupy a place on this track.”
Capricorn Protocol aims to introduce a new era, akin to the internet, where collateralized stablecoins are the go-to coins. This partnership with MQ Technology will pave the way for reshaping the market.
About Capricorn Protocol
Capricorn Protocol is a multi-asset-backed protocol with support from an array of assets. Leveraging smart contract and decentralized finance [DeFi], Capricorn issues a collateral-based coin, CUSD, providing lending services based on the token. By adopting an advanced issuance mechanism, Capricorn Protocol guarantees users an equivalent of $1 for 1 CUSD. The Protocol hopes to continuously expand and push for global adoption of the collateral-based coin.
Brand: Capricorn Fund
Contact: Media team
SOURCE: Capricorn Fund
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