Monday, March 8, 2021

Cardano Foundation CEO: Banks Are Showing Interest in Holding ADA in Place of Bitcoin (BTC)

Frederik Gregaard, the CEO of the Cardano Foundation, has recently revealed that more banks are starting to show interest in holding the Cardano’s native token ADA instead of the largest cryptocurrency by market capitalization, Bitcoin (BTC).

The CEO participated in the 113th edition of the podcast “The Cardano Effect”. In course of the discussion, Gregaard, who was the Head of Digital Finance for PwC spoke about ADA adoption, privacy, leadership, and the future of Cardano.

Speaking about the problems that Cardano could solve, Gregaard said:

“If you want the short answer, I’d like to focus on some of the very complex problems, the highly regulated problems, the problems that don’t cross the table easily where identity is very important. That revolves around financial services, insurance, supply chain tracking (…) financial education, the whole academic angle is important.”

Read Also: Cardano (ADA) Rated As One of the Most Decentralized Blockchains with Over 1000 Active Stakepools

Adoption and Interest of Banks in Holding Cardano (ADA) Instead of BItcoin (BTC)

Cardano Foundation CEO frankly stated that his connections in the banking sector indicate that the future of cryptocurrencies and blockchain technology is bright.

He said the path of the adoption of ADA at an institution level is getting clearer. He also stressed the obstacles of Cardano’s ADA adoption.

Gregaard said:

 “(On the adoption of ADA by banking institutions) I already know some banks that can do this, but I’m not allowed to mention their names because they think there may be some regulatory turmoil, I need to agree with them before I disclose them (…) but it can be done today, and there are possibilities for that in the future. As a banker I know which buttons I need to push.”

Speaking about the advantage that Cardano (ADA) has over Bitcoin (BTC), he said:

“(Proof-of-Stake) allows you to have a little less privacy than you have with the Bitcoin protocol. If people can run their business on Bitcoin, they can run their business on ADA (…) I’m already starting to talk about the ADA standard, because I feel that people should run their business on ADA.”

Discussing the future of the Cardano Foundation and its position in the Cardano ecosystem, Gregaard said there is a ground plan to develop the technical capabilities of the foundation to support the software company behind the development of Cardano, IOHK.

Read Also: Cardano Beats Ethereum Based On Development Activity on Github for the Third Consecutive Month

According to Gregaard, this support will be based on the development and implementation of the eras of platforms that are forthcoming on the Cardano network, such as Goguen, Basho, and Voltaire. The foundation will also support developers that will subsequently use the platform when introducing smart contracts.

“How do we support them, how do we bring confidence in that, how do we increase the business model? The k-parameter will be changed, what does that really mean? That’s the thing that the Foundation should go out there and take some ownership,” Gregaard noted.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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