Friday, June 9, 2023

Cardano Details Strategic Alliances


Following the highly anticipated launch of smart contract capabilities earlier this month, the Cardano Foundation, a non-profit organization and the custodian of the Cardano blockchain, has announced a number of strategic partnerships that will drive further adoption and usage of the Cardano blockchain.

The announcements during the Cardano Summit 2021 included a combination of virtual and community events in six major cities. These are in New York, Miami, Wyoming, London, Berlin, and Cape Town. It also includes 40+ community hubs to commemorate the Cardano network’s upgrade to smart contracts capabilities.

At Cardano, our mission is to offer individuals on the brink of social and technical transformation. They have the tools they need to create new opportunities and generate a good impact. This is the statement of Frederik Gregaard, CEO of the Cardano Foundation. In terms of strategy, the collaborations announced today will help Cardano build the core structures it requires. This will help thrive on both a business and technological level.

Climate change, NFTs, decentralized finance (DeFi), and digital identification are among the issues and possibilities that our new ecosystem partners will address. They will play a critical role in assisting us in realizing our vision.”

Cardano and Veritree

Cardano has partnered with Veritree, a worldwide land restoration, and tree planting certification organization. They safeguard its records on Cardano’s blockchain, according to announcements made at the Cardano Summit 2021. Organizations who use veritree’s platform will get an immutable, transparent, and auditable blockchain-based report on all of veritree’s afforestation and reforestation activities in the future. This will have a fraction of the carbon footprint of other blockchains.

Cardano and veritree established The First Global Cardano Impact Challenge to commemorate the occasion. It allows the Cardano community to donate to veritree using Cardano’s native currency ada. These funds will go toward the creation of the world’s first #CardanoForest. Donors will get 15 veritree tokens or more. This is in exchange for their donations after at least 15 ADA contributed to the campaign. These tokens may have exchanges for a tree planting certificate. Moreover, it includes information on all of the trees that will be planted the next year.

The Chief Executive Officer and co-founder of Veritree, Derrick Emsley, stated that it was extremely difficult to get more than a GPS location or picture to verify their tree planting. Through this collaboration of both Veritree and Cardano’s blockchain, tree agronomists across the globe will produce irrefutable evidence to sponsors on what sapling has been planted, where was the location, and how that location is being maintained, and who are those who maintained the said activity. This provides a peace of mind to their partners on the legality of their project.

Cardano and Rival

Cardano has also partnered with an E-sports and gaming platform named Rival. This is to amplify agnostic NFT marketplaces, fan prizes, and more for Rival and its partners. The cooperation will feature Cardano’s capability to produce and distribute NFTs, the redemption of NFTs for physical goods, and business-based royalties within the Rival platform. These customers include Aston Villa and Watford of the English Premier League, the National Basketball Association’s (NBA) Detroit Pistons, and the National Football League’s (NFL) Seattle Seahawks.

The Chief Executive Officer of Rival, Matt Virtue, emphasized that their partnership with Cardano impacts Rival’s admission into blockchain and is a meaningful step in their elaboration as an enterprise platform solution to unlock the unlimited potentiality in gaming and E-sports. Rival’s integration with Cardano will improve them in externalizing and maximizing Rival’s expertise. Not just for the partners, but as well as for the gamers themselves.

Cardano and UBX

In addition to these collaborations, Cardano collaborated with UBX to boost on-chain DeFi activities. UBX, UnionBank’s fintech innovation studio and fund, has created its own Cardano-based public stake pool. For helping to protect and maintain the Cardano blockchain, UBX stakers can now earn ada incentives.

They look at developing protocols like Cardano to connect traditional financial markets to the world’s most creative financial operating system. This is according to John Januszczak, President and CEO of UBX.

Cardano also reaffirmed its support for AID:tech. It is a company that uses blockchain to deliver identity-based solutions for banking, payments, and insurance. Cardano will provide technical guidance to the AID: Tech team as they develop verifiable credentials for trusted identity management and ownership, enable customers and consumers to process payments and disbursements quickly, and reliably process large volumes of transactions as part of the collaboration.

Chief Executive Officer of the Cardano Foundation, Frederik Gregaard, therefore concluded that they have reached large milestones in the past few months. More particularly, with the launch of smart contract capabilities on Cardano and successfully minting Cardano’s first Non-Fungible Tokens of Appreciation (NFTA).

These partnerships signify the next phase in their progression. Because they now look to rapidly drive usage of their blockchain and bestow to the advancement of a better economy.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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