Cardano Foundation Taps Major Argentine Partnership, ADA Price To $0.5?

Cardano Foundation Taps Major Argentine Partnership, ADA Price To $0.5?

PENGY June 5, 2024, 9:02 pm Facebook Twitter


Cardano Foundation Taps Major Argentine Partnership, ADA Price To $0.5?

The Cardano Foundation has announced its new partnership in Argentina. This latest move marks a pivotal development for the nation which recently pivoted to enhance its cryptocurrency sector.

Cardano Foundation in Collaboration With Entre Ríos 

According to the announcement, the governor of Entre Ríos Province Rogelio Frigerio, and Rafael Fraga, the lead for Business Development at Cardano Foundation signed a document to effect the partnership deal. The alliance is particularly with the Entre Ríos Province with a focus toward facilitating blockchain adoption in the region.

Details about the collaboration are yet to be disclosed but it may be part of the broader picture to improve Argentina’s crypto sector. Generally, Argentina is in the middle of growing its crypto ecosystem including working on its regulatory framework.

Recently, Charles Hoskinson, the founder of Cardano (ADA), recently caught the attention of Argentina’s President Javier Milei with a social media interaction. The said engagement underscored Cardano’s increasing interest in expanding into Argentina. The interaction started with an intriguing update from Dario Epstein, Director at Research For Traders.

Epstein claimed that a technology company that specializes in third-generation blockchain with a focus on decentralized government had contacted him. For context, he mentioned that the company is keen on establishing itself in Argentina to develop knowledge and tech applications.

The company happens to be Cardano as Hoskinsin later noted that “Argentina has some of the brightest minds in our industry and it has been a privilege to work with them.”

Argentina Pursues Crypto Presence Expansion 

In its bid to boost its crypto infrastructure, Argentina’s National Securities Commission (CNV) also initiated an alliance with El Salvador’s National Commission of Digital Assets (CNAD). This move was targeted toward exploring insights into Bitcoin (BTC) adoption and crypto regulation.

Argentina is likely to leverage its expertise in the technology sector to enhance the efficient delivery of its crypto services. This came after Bitcoin and other cryptocurrencies gained legitimacy for use in contracts in 2023. The country’s Minister of Foreign Relations and International Commerce, Diana Modino spearheaded this move.

Noteworthy, the election of Milei has contributed significantly to Argentina’s recent stance on cryptocurrencies. His administration has consistently exhibited openness towards embracing cryptocurrencies, with plans underway to legalize their use for payments under certain conditions.

This move might help revive the price of Cardano which is currently below its key rivals. At the time of writing, ADA is up 0.12% in 24 hours to $0.4631 with expectation of the $0.5 mark in the short term.

Read More: Franklin Templeton CEO Foresees New Wave of Bitcoin ETF Adoption

 

The post Cardano Foundation Taps Major Argentine Partnership, ADA Price To $0.5? appeared first on CoinGape.

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