Monday, March 8, 2021

Cardano Foundation Clears the Air on the Alleged $340M Funding Round and Crypto Credit Card for ADA

Cardano Foundation, an independent entity that advances and enables the Cardano blockchain, has recently cleared the air regarding the alleged $340 million funding round and the associated cryptocurrency credit card for Cardano (ADA). According to the foundation, the reports are basically false.

Cardano Foundation made this clarification via a post shared on the official forum page of Cardano moments ago. This false news has so far been identified on,,,,

The foundation further promised to keep monitoring the situation to identify “if and when” it’s published on other outlets. The originator of the false article has been contacted for its immediate removal, the Cardano Foundation has said.

The foundation also stated that it is a custom for all Cardano related news to first appear on official sources of the cryptographic project before they can be distributed through media outlets. This clarification is made by the foundation for the crypto community to identify authentic news and sources.

 The False Reports Claim Cardano (ADA) Inc Is Their Source

According to Cardano Foundation, the false reports claim that the Cardano (ADA) Inc is their source. This was also discredited by the foundation, stating that such an official entity does not exist as far as Cardano (ADA) is concerned.

The report further stated that the inexistence of such an entity indicates that Cardano Foundation has no prior knowledge of Cardano (ADA) Inc. it has no connection with Cardano’s official entities such as Emurgo and IOHK. Also, the foundation pointed out that “Cardano (ADA) Inc. is not authorized to use Cardano’s intellectual property or trademarks.”

Cardano Foundation Urges the Community to Be Cautious

In the report, the Cardano Foundation warned its community members to be cautious of news sources they follow as far as the project is concerned. It further advised its members to refrain from interacting with the false articles, not to share the content in order to stop the false information from spreading further.

Conclusively, the foundation promised to keep monitoring the situation, with the mind of exerting efforts to remove the false reports as they emerge.

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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