Cardano Foundation, the overseeing body of the Cardano blockchain (ADA), has announced a partnership with Lykke Corp, a Switzerland-based fintech firm.
According to a blog post today by the foundation, the partnership would see Cardano use its blockchain tech to promote Lykke’s products and services, thus boosting the fintech’s firm market share.
Commenting on the development, Nathan Kaiser, Chairperson of the Cardano Foundation while feeling enthusiastic about the deal said:
“Through this collaboration, both the Cardano Foundation and Lykke Corp will seek to build out financial infrastructure and offer services that will both empower the Cardano ecosystem and enrich the wider blockchain space.”
Lykke is a Switzerland-based fintech firm established to bridge the gap between the traditional financial industry and that of blockchain. Lykke makes this a reality by offering traditional assets alongside cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), etc. on its exchange.
Notably, Lykke has obtained a regulatory license from the Cyprus Security and Exchange Commission (CySEC) and is currently seeking approval from the Swiss Financial Market Supervisory Authority (FINMA), to increase its financial scope and product offerings in the country.
If granted, Cardano stated that it would be combining its blockchain expertise with Lykke’s fintech skills, to deploy all Lykke’s products and services on its blockchain.
As per the announcement, the development is in line with Cardano’s mission to engage in meaningful partnerships that would foster the growth of the project’s ecosystem, thus creating more value for its stakeholders.
Reacting to the move, Richard Olsen, CEO of Lykke Corp, said:
“Our collaboration with the Cardano Foundation enhances the organized trading facility (OTF) offerings of Lykke, and paves the way for new Lykke products and services built and deployed on Cardano.”
Meanwhile, Coinfomania reported yesterday that the Cardano (ADA) is doing remarkably well on the Binance Futures platform, recording a whopping $3.2 billion volume on the exchange since the start of July.
