- Cardano Foundation CEO met with the CEO of Franklin Templeton to discuss increasing the adoption of public blockchain technology by major financial institutions.
- This meeting revealed that Franklin Templeton already supports the Cardano network by running its node, aligning with Cardano’s ongoing efforts to engage policymakers in Washington for clearer blockchain rules.
A meeting recently took place between the leader of the Cardano Foundation and the CEO of Franklin Templeton, a huge global asset manager that manages $1.6 trillion. This important discussion centred on how to expand the use of public blockchain technology within major financial institutions, marking a new phase in Cardano’s strategy to integrate with mainstream finance.
Cardano’s Strategy for Mainstream Finance
Frederik Gregaard, the CEO of the Cardano Foundation, mentioned that the discussion involved other crypto industry leaders and centred on important policy work. He noted that their talk with the asset manager highlighted the importance of blockchain infrastructure for the future of finance.
Showing its belief in public blockchains, Jenny Johnson confirmed that the company already runs Cardano nodes, meaning they actively help secure and support the Cardano network.
Franklin Templeton has a history of engaging with blockchain, having launched a tokenized U.S. money market fund in 2021 and invested in various decentralized finance (DeFi) projects.
While they offer several crypto-focused investment products, a specific Cardano ETF is not yet part of their offerings, especially after the SEC recently delayed Grayscale’s application for a spot Cardano ETF.
Gregaard emphasized that the Cardano Foundation is committed to helping large financial institutions fully benefit from public blockchains like Cardano, while still holding onto its core principles of decentralization, security, and scalability.
We are actively trying to evolve the system, ensuring that large, established financial institutions can fully leverage the unparalleled benefits that a public blockchain like Cardano can offer,
Gregaard stated.
To support this goal of widespread institutional adoption, Gregaard and the Cardano Foundation’s Chief Legal Officer have scheduled a series of meetings with policymakers in Washington, D.C. These meetings aim to establish clear regulatory rules that would encourage more major financial institutions to use blockchain technology.
The Cardano ecosystem itself continues to be active, with new partnerships like USDM working with Lace Wallet and collaborations with projects such as SNEK, the largest meme coin on Cardano.
According to an X post, the stablecoin and Lace Wallet will team up to improve USDM’s on-chain usability, among other things. While not explicitly detailed, the new partnership promises a range of advantages for USDM. This vibrant activity shows ongoing development within the network.
From a market perspective, the price of ADA, has recently entered what some analysts call a Golden Fibonacci Zone, a technical signal that can suggest a potential rally towards the $1 mark for ADA. Market analyst Coinvo reports that Cardano is currently trading between the 50% and 61.8% retracement levels.
This zone is often viewed as a key area where strong buying interest emerges, potentially setting the stage for a price reversal. According to Coinvo’s chart, ADA has hovered in this critical range for nearly three days. The analyst suggests that a breakout from this zone could trigger a bullish reversal. ADA is currently trading at $0.6824, down 2.22% in the last 24 hours.
This strategic meeting and the ongoing policy efforts are crucial steps for Cardano as it seeks to position its public blockchain as a vital part of the global financial system, aiming to bring its technology to a much wider institutional audience.