Folks Finance has added GOLD and SILVER tokens, each of which is backed by a gram of real gold and silver. The company also plans to expand its portfolio of real value-backed assets (RWA).
The Folks Finance DeFi protocol has bought Meld’s GOLD and SILVER tokens. Each of these assets is backed by a gram of physical gold and silver respectively. Representatives of the company told Incrypted about this
The press release stated that the listing of GOLD and SILVER will allow users to interact with tokenized precious metals on the Folks Finance . This is expected to attract new users from the traditional financial sector.
“Each token is backed by a gram of physical gold or silver, stored under reliable protection. […] This is a historic moment in the combination of traditional and decentralized finance, as real gold and silver can now be used in DeFi,” the post said.
In addition, company representatives said that the integration of RWA assets is a “key component” of Folks Finance’s strategy to bridge the gap between the traditional and decentralized finance sectors.
Let us remind you that the Folks Finance protocol became the winner of the Incrypted Pitch Session, which took place on November 22, 2023.