Home CryptoCurrency News Cardano News Cardano Foundation Denies $340 Million Round and the Launch of Credit Card

Cardano Foundation Denies $340 Million Round and the Launch of Credit Card

Cardano Foundation has also denied the reports that are circulating on some news outlet regarding an alleged $340 million funding round and the issuance of a credit card for ADA.

On Tuesday, July 21st, some news outlets, citing previously unknown entity Cardano (ADA) Inc., reported that Cardano Foundation had finalized an agreement with an undisclosed investor to receive $340 million in funding to launch first cryptocurrency credit card for Cardano (ADA) later this year.

In an announcement on Wednesday, July 22, Cardano Foundation said that the source of the news, Cardano (ADA) Inc., never existed. The announcement reads:

“The false reports claim to come from ‘Cardano (ADA) Inc’. The Cardano Foundation would like to formally state that no such official entity exists, nor has it ever existed. The Cardano project is an open-source blockchain and does not exist as a legal entity or organization. Instead, the Cardano Foundation (Cardano Stiftung), which is an independent Swiss organization, governs the protocol and owns its intellectual property.”

The foundation further said that it has contacted the original distribution source of the article, requesting its immediate removal, and would be monitoring the situation to identify if and when other outlets publish this story.

Association with Lykke Corp

Cardano Foundation, a Swiss-based independent organization committed to driving the adoption of Cardano (ADA), has partnered with a Swiss fintech firm Lykke Corp to boost the growth across two ecosystems.

According to the July 22 announcement, the partnership aims at combining the Cardano Foundation’s deep blockchain technology experience with Lykke Corp’s financial expertise to deliver a new framework of products and financial services.

Lykke Corp, based in Zug, Switzerland, is a global financial services provider and exchange to trade all assets with 0% fees. The firm features a Lykke Crypto Index (LyCI) that tracks a selection of the world’s top-performing cryptocurrencies to make it easier for customers to choose the right asset for themselves. Other much-talked initiatives include Lykke blockchain business services and the Open Initiative, a thinktank, and fundraiser for blockchain-based solutions.

Lykke Corp has also applied for the Swiss Financial Market Supervisory Authority (FINMA) authorization. If granted, it will vastly increase its operational scope and range of financial products. According to Cardano Foundation, this partnership seeks to accelerate the deployment of these products.

Nathan Kaiser, Chairperson of the Cardano Foundation, commented:

“Lykke Corp is one of Switzerland’s most innovative blockchain financial companies and we are pleased to be partnering with its expert team. 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.”


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Atiq Ur Rehman
Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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