While Cardano’s DeFis are venturing into Dapps, their users require a bridge to link with other payment systems. Hence, the COTI network has announced a new partnership with Cardano and Ardana.
Cardano, DeFi And NFT Expansion
The latter will provide the technical support for ADApay (a Cardano native payment network) to facilitate stablecoin transactions within the Cardano ecosystem. Furthermore, Cardano users can use stablecoin to perform settlement transactions. Hence, their funds won’t be subjected to the price uncertainties of the digital asset space. Responding to the news, COTI founder, opined “we are excited about scaling our business with these new partnerships with Cardano and Ardana.”
Ardana CEO, opined that their new partners’ service offerings could be applied in everyone’s daily life, regardless of location. Hence, “we are achieving one of our mission objectives – for our stablecoin to be widely adopted in any aspect of the crypto sphere.”
Cardano continues to make more significant inroads into the DeFi and NFT space. Its developers recently adjusted its Yoroi wallet to make NFT transfers realistic. Also, last week the developers revealed the blockchain’s plan for launch pads, wallets, and dex.
Cardano, India, And Africa
While the crypto industry sought to penetrate India, known for its lucrativeness, it has encountered various barriers. One of the hindrances to the crypto market’s entry into the Asian country is the lack of clear crypto policies. Cardano founder revealed in a recent interview that it is likely that the Indian economy might not benefit immensely from the crypto market as it ought to due to a lack of clear crypto guidelines.
Charles Hoskinson said the African continent might even enjoy a more significant benefit than India because the African continent is receptive to blockchain technology, and already several projects are being developed there. A popular Cardano project is creating an identity network for Ethiopian school students, which is the product of a partnership between Cardano and Ethiopian authorities.
Thus, the school authorities can easily track each student’s essential details, including their academic prowess. During the interview, Hoskinson revealed that India’s DIS (known as Aadhar) wouldn’t have been possible without blockchain.
He said that despite the challenges, the India Cardano ecosystem continues to wax strong. A proof of this is the large Cardano stake pools available throughout the whole of India. Hoskinson opined that once there is regulatory clarity regarding crypto, the India Cardano community holds a fond place in the heart of the entire Cardano ecosystem.
India already has a proposed crypto bill that the parliament will decide about in the next few months. Once the bill proposal is approved, crypto investors and traders will have a clearer understanding of the operation of digital assets in the country.
There are unconfirmed reports that the government plans to categorize these digital assets as commodities and tax them accordingly. Hoskinson opined that achieving liquidity is the significant step that will help the crypto industry in India achieve growth and social mobility status.
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