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Cardano Last Week: El Salvador, Grayscale, >$30B Staking, And More

Cardano Last Week: El Salvador, Grayscale, >$30B Staking, And More

Cardano has been in the news quite a bit recently. With the price of the ADA coin shooting up over 1000% last year, many industry experts and corporations are moving towards adding Cardano to their portfolios and offerings as the consensus is highly positive. 

Let’s take a quick look at the significant developments and conversations around Cardano from the last week. 

Cardano In Talks With El Salvador

Following El Salvador’s landmark move of making Bitcoin legal tender in the country, Cardano is also looking to join the party. Cardano’s parent company Input Output Hong Kong (IOHK) has opened up communication channels with relevant officials in El Salvador, intending to establish a state-level partnership for Cardano in the country. 

Cardano founder Charles Hoskinson is currently gearing up for a partnership similar to those with the governments of Ethiopia and Tanzania. 

Popular Crypto Analyst Opts For Cardano Instead Of Ethereum 

On June 27th, the crypto analyst who goes by the pseudonym Capo announced on Twitter that he is choosing to sell off all his Ethereum holdings to buy more ADA. He believes that the latter will outperform Ethereum by market cap. He had already sold 75% of his Ethereum back in May and declared that he would sell off the rest as well, to invest more in ADA. 

Cardano Launched On Nexo Platform

On June 30th, the much-awaited news of Cardano’s integration with the crypto startup Nexo was announced. Nexo, which is one of the largest providers of crypto-backed loans, 

This integration will allow users to buy $ADA on the Nexo exchange, earn up to 8% annual interest on $ADA held in the Nexo wallet, and borrow fiat money against $ADA. Co-Founder of Nexo, Antoni Trenchev, said, 

“Cardano broadens our total addressable market and expands existing clients’ options when investing funds via our platform.”

Alonzo Smart Contracts Excitement Leads To ADA Staking Of $30 Bn

Back on May 27th, Cardano had launched its first Alonzo smart contract testnet. On June 11th, IOHK confirmed that Alonzo is now able to deploy smart contracts. Last week it was reported that more than $30 billion worth of ADA had been staked in anticipation of a major milestone in the network’s evolution. Experts believe that this could lead to wider network adoption and a considerable price hike for the coin. The staking would allow users to earn ADA as passive income without locking up their assets for a fixed time period. This is a definite advantage over other protocols that require a minimum lock-up period to earn staking rewards. 

Grayscale Adds ADA

With the value of ADA shooting up over 1000% last year, more and more crypto investment channels and asset managers are including it in their offerings. Crypto asset management company Grayscale Investments has been the latest to add a new Cardano (ADA) component to its Grayscale Digital Large Cap (GDLC) Fund. This will give investors exposure to the crypto without having to manage any private or public keys. According to Grayscale, the company used funds acquired after selling specific amounts of existing components to purchase ADA. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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