Cardano (ADA) to On-Board 50 Banks by 2022

By Palak Malhotra
Published July 6, 2021 Updated July 6, 2021
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Cardano (ADA) to On-Board 50 Banks by 2022

By Palak Malhotra
Published July 6, 2021 Updated July 6, 2021

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.

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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. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
219 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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