By Hans Doringo
In its efforts to revolutionize finance and banking in the region, UBX, the fintech arm of UnionBank of the Philippines, launched its public stake pool on Cardano, an emerging proof-of-stake blockchain platform. This was announced at the Cardano Summit 2021, held last Sept 25-26.
Public stake pools are nodes on Cardano blockchain with a public address that allows holders to delegate stakes through Cardano’s cryptocurrency, ADA, and earn rewards for helping to secure the Cardano blockchain.
According to John Januszczak, President and CEO of UBX, their collaboration with Cardano highlights their mission to further excel and maximize the potential of blockchain. “We’re looking at emerging protocols like Cardano to connect traditional financial markets to the world’s most innovative financial operating system,” he added.
Known for its initiatives in digitizing finance in the country, UBX also has a partnership with OneConnect Financial Technology (of China’s Ping An Group) to create a blockchain-enabled platform for micro, small and medium enterprises. (Read more: UnionBank’s Fintech Subsidiary UBX is Building Blockchain-enabled Platform for SMEs)
Meanwhile, in their attempt to stimulate growth in the usage of the blockchain, Cardano started to increase on-chain DeFi activities by establishing partnerships with financial companies such as UBX. Furthermore, the developers behind the project took further strides after introducing smart contract capabilities in their network earlier this month, helping them host DeFi activities in a cost-effective way.
Aside from UBX, Cardano Foundation has announced another DeFi collaboration with the technology company, AID:tech, to bring identity-based solutions for finance, payments and insurance through blockchain. With Cardano’s technical guidance, AID:tech aims to provide service through easy verification of ownership and time-efficient management of transactions.
In line with their recent partnerships, Frederik Gregaard, CEO of the Cardano Foundation, said, “These partnerships mark the next phase in our development as we now seek to rapidly drive usage of our blockchain and contribute to the creation of a better economy.”
In addition to its ventures in DeFI, other partnerships include global land restoration technology company, Veritree, and leading esports and gaming platform, Rival.
Cardano is a blockchain founded by Charles Hoskinson and developed by his research firm, IOHK.
Source: Cardano Foundation
This article is published on BitPinas: UnionBank’s UBX Now Runs A Stake Pool on Cardano