Several New Partnerships Announced at Cardano Summit

Several New Partnerships Announced at Cardano Summit

Posted Monday, September 27, 2021 by
Aiswarya Gopan • 2 min read

Cardano (ADA) is trading mostly steady, recovering from a dip to under the $2.20 level a few hours ago after China declared cryptocurrencies illegal, and is enjoying support from strong fundamentals after the recent Cardano Summit. At the time of writing, ADA/USD is trading at around $2.24.

The Cardano Summit was the next major event for the network after the successful rollout of the Alonzo hard fork a few weeks ago, in which the firm behind the blockchain and the world’s third largest cryptocurrency used the event to announce several major partnerships. The new partnerships should drive up adoption after the introduction of smart contracts features and bring more projects and users towards the blockchain.

Cardano Announces Several Interesting Partnerships

One of the most exciting and notable announcements was Cardano integrating Chainlink’s decentralized oracles with its blockchain, which will offer institutional-grade, tamper-proof and real-time price feeds on its smart contracts. The partnership will first start offering market price feeds on the Cardano blockchain and will then mode on to provide support for other decentralized services from Chainlink.

In addition, the Cardano Foundation also announced a partnership with Veritree to register all of its global land restoration efforts on the Cardano blockchain, giving the network a boost in its ‘green’ efforts as well. This news is the first key development among Cardano’s Global Impact Challenge even as it works towards becoming a completely carbon-neutral blockchain.

Another interesting partnership which was unveiled over the weekend was that with Fortune 250 company, DISH Network – one of the leading TV and wireless service providers in the US. Input Output Group – the firm behind the development of Cardano, has entered a strategic collaboration with DISH Network to integrate DISH’s telecom business into the Cardano blockchain, providing digital identity services to the company’s customers and build blockchain-based services.

Stablecoin Djed Announced

Meanwhile, co-founder Charles Hoskinson announced that Cardano will soon get its very own stablecoin, Djed, which will be developed in partnership with COTI. Djed will improve transaction processing capabilities of the blockchain and render support for growing the nascent DeFi ecosystem and will be a game-changer for the Cardano network in the DeFi space.

Key Levels to Watch

On the 4-hour price chart of ADA/USD, most of the moving averages as well as leading technical indicators MACD and momentum are flashing a strong bearish bias. Cardano’s price is holding above the pivot point at $2.19 which looks in danger of breaking down in case selling pressure builds up further.

ADA/USD

If this happens, the next level of interest will be the immediate support which can be found under the key $2 mark at $1.92. On the other hand, an influx of buyers into the market soon can take ADA higher until the first resistance at $2.47.

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