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Happy Times - There is good news for the Cardano project (ADA). In addition to creating a new $ 20 million fund to develop its ecosystem, Cardano is partnering with Coinbase.
cFund: a development fund for Cardano
I mentioned it briefly last week: on the occasion of the Shelley Virtual Summit which celebrates the imminent arrival of an update of the Cardano network, a new financing fund was created.
Called “cFund” by IOHK - the company behind Cardano, this fund is created in partnership with Wave Financial Group. It aims to financially support developers and young companies who will work to enrich the blockchains offered by IOHK, such as Cardano.
This fund will initially total $ 20 million. IOHK injects 10 million dollars into it, and the Wave group agrees to raise the remaining 10 million dollars.
The average financial assistance announced will be in the range of 250,000 to 500,000 dollars.
A partnership with COINBASE for institutional staking
In an announcement published on July 3, the company IOHK explains that it has signed an agreement with the institutional level childcare service Coinbase Custody. This agreement will make it possible to keep ADA tokens in the cold storage wallets of the specialized branch of Coinbase, from the 4th quarter of 2020.
Such agreements are essential to promote the global adoption of crypto-active assets: they allow institutional investors and large investors to manage their funds securely, while retaining the possibility of delegating the staking (stake) of their ADA tokens.
Indeed, the next Shelley update - scheduled for July 29 - will add to the Cardano network the principle of staking rewards for ADA owners, according to the principle of the consensus algorithm by Proof of stake (PoS).
“We followed the success of Cardano's incentive testnet [Shelley], with more than a thousand staking pools registered during this test period. We are pleased to have been selected as depositary, and we are proud to provide a regulated child care, fully insured, and providing the staking of 100% crypto offline ", Sam McIngvale, product manager Coinbase Custody.
Last year, the possibility of taking advantage of the Tezos (XTZ) staking on Coinbase Custody had allowed a nice increase in the financial valuation of this project, which is also in consensus by PoS. Let us wish the same success for Cardano which, thanks to the arrival of staking, will see a much wider decentralization of its network with Shelley.
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