By
Svetlana Soroka
May 18th, 2024
EMURGO has been a core supporter of the Cardano blockchain since 2021.
Cardano-based developer EMURGO has inked a strategic partnership with renowned trading platform GSR. This partnership is aimed at promoting the Cardano (ADA) ecosystem.
In a press release, the prominent blockchain technology firm that facilitates the commercial adoption of Cardano explained the modalities of this new alliance with GSR.
EMURGO to Leverage GSR’s Services and Expertise
The focus of the collaboration between EMURGO and GSR is to improve multiple sections of the Cardano growth trajectory. It will focus on improving provision of liquidity, identifying promising venture investments, fostering better user interoperability, and jointly promoting educational initiatives.
To achieve these goals, the collaboration will seek to onboard more developers, companies, users, as well as other stakeholders.
EMURGO’s new partner holds a license for the Digital Payment Token Service. This license was granted by the Monetary Authority of Singapore (MAS). This made it the first digital asset market maker to receive such accreditation. With such a license, GSR positions itself as a reputable player in the crypto ecosystem.
Apart from GSR’s suite of services, it brings onboard its expertise and consolidated experiences as one of the major market makers in the cryptocurrency space. Similarly, EMURGO will play the pivotal role of serving as a channel between GSR and the Cardano ecosystem.
According to Ken Kodama, CEO of EMURGO, “EMURGO is excited to work with GSR and utilize its established track record as one of the largest market makers in the crypto space to support the growing Cardano ecosystem.”
“GSR’s wealth of experience, expertise, and deep resources will enable Cardano builders and projects to develop and scale their Web3 products to potential Web3 users while fostering an even more robust Cardano ecosystem moving forward,” Kodama added.
EMURGO Proves Undying Support for Cardano
Noteworthy, EMURGO has been a core supporter of the Cardano blockchain since 2021. The firm continually offers support to regional startups through seed financing and incubation. Ultimately, the aim is to promote adoption of the Cardano blockchain in Africa as solutions for social impact.
After announcing its intention to launch the first stablecoin on the Cardano protocol in 2022, EMURGO debuted the fully backed, regulatory-compliant stablecoin dubbed USDA in May 2023. Avenues for easy adoption of the launched token were integrated into the design of the USDA stablecoin.
Usually, such collaboration news generally impact on the price of any associated asset. ADA is currently trading at $0.4519 with a 2.88% decrease within the last 24 hours. This level is a far cry from the Year to Date (YTD) price peak of $0.77. This level was attained at the beginning of March this year. This suggests that EMURGO’s collaboration with GSR has not has stirred any positive impact on ADA price yet.
With the recent statement from MicroStrategy’s founder Michael Saylor about how ADA is security alongside Ethereum and other altcoins, EMURGO may need to do more to amplify the capabilities of Cardano in and out of the blockchain ecosystem.