Cardano (ADA) to On-Board 50 Banks by 2022
Cardano (ADA), the fourth-largest cryptocurrency by market cap is currently bullish with ADA price trading at $1.43, even when other crypto assets are going through a bearish phase. The blockchain is going through a key transition phase that would make it smart contract compatible with the upcoming Alonzo hardfork. The hardfork would, in turn, help it compete against the likes of Ethereum, Solana, and Polkadot and become a growing hub for Dapps.
Amid ongoing critical updates to the network, Cardano Foundation launched its five-year strategy yesterday as CEO Frederik Gregard revealed upcoming goals for the network. With the focus on achieving widespread adoption by masses and expand into legislation.
Cardano’s 2022 priority target is to onboard 50 banks. This will place the Cardano foundation’s blockchain into routine financial transactions. However, to gain support from banks, Cardano first needs to attract more users onto their blockchain.
Cardano (ADA) plans to secure 50 banks by 2022
Cardano’s aim of bringing 50 banks on board by next year that will use ADA will secure their blockchain a bigger customer base. They are targeting all groups, including conventional liquid users. Cardano foundation’s objective is to increase interoperability for financial inclusion by taking Defi into a regulated space like banks and increase government and institutional faith in the Defi ecosystem.
The banking partnership would enable Cardano users to easily convert fiat to ADA and vice versa.
- Short term goal to gain user-base
Build & operate a Blockchain explorer – Documentation feedback – Create an educational program; to not only increase technical understanding within the Cardano foundation but also decrease the institutional trust gap and expanding the future user base, by providing easy access to data.
- Long-term Goal
Cardano is aiming to promote growth in wallet addresses & increase diversity in the on-chain activity. It will lead the regulated Defi market to stay regulated, however, there shall be no more requirement for intermediary support. With the increase in on-chain diversity and wallet address, Cardano’s target is to bridge the gap between dependency on intermediaries and a regulated as well as an approachable decentralized system of finances.
- BNB Leads Crypto Market Rally With Fresh All-Time High, Expert Sees $5000 Upside
- Billionaire Ray Dalio Calls Bitcoin “Alternative Money” as BTC Profit-Taking Tops $3.7B Amid $120K Rally
- Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
