The CEO of the Cardano Foundation, Frederik Gregaard, says onboarding mainstream financial institutions and large corporations is part of a five-year growth strategy for the fifth-largest blockchain project by market cap.
Gregaard says the Swiss-based foundation, which is responsible for overseeing and supervising the growth of Cardano, is looking to partner with mainstream financial institutions to enable universal access to the blockchain’s native token, ADA.
“When we look into 2022 it is not only important, it is vital for our ecosystem which is built around the native currency of ADA as a utility token. [This] allows you to operate on our blockchain wherever you are, if you are building a business model or if you are capturing business value from optimizing business procedures. Or if you are building a security token or an NFT, or you are a fisherman in West Africa and you are building an identity – whatever happens, how you integrate with us always comes over to ADA…
Therefore onboarding 50 banks becomes very important for us. It should be in a way that if you have a lot of ADA, you can always get into the local fiat currency. And you can always get from a local fiat currency into ADA and, over time, into whatever other token you might be holding using the Cardano blockchain.”
The Cardano Foundation CEO says onboarding banks will expose the legacy financial institutions to the benefits of blockchain technology.
“The other part about focusing on the banks will allow us to downstream, push one of the most regulated industries and also one of the industries that is most ripe for change, to basically get their eyes open for what they can do long term using smart contracts and other features on the Cardano protocol.”
Gregaard says the Foundation is also targeting adoption among Fortune 500 companies.
“Onboard Fortune 500 companies – holding ADA, using ADA. Taking Cardano as a protocol, as an infrastructure into the engine room of these large multinational corporates will show them what it does mean to have real transparency and real immutability around data.
And how to change the governance of these companies to optimize what the shareholders really want and not just the next earnings and the next quarterly yields.”
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