CEO of Cardano: Banks are interested in holding ADA instead of Bitcoin

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The CEO of the Cardano Foundation Frederik Gregaard believes that a lot of banks are interested to hold Cardano (ADA) instead of Bitcoin. ADA has the same data protection features as Bitcoin, so financial institutions such as banks could easily adopt ADA.
He positively believes that his connections in the banking sector show that cryptocurrencies and blockchain technology “are here to stay”. Gregaard said he is reviewing and compiling the many alliances that Cardano has throughout the globe. In that sense, he thinks there is a clear path for the adoption of ADA at an institutional level, talking about the obstacles that have prevented Cardano’s adoption from accelerating, Gregaard said:
“(On the adoption of ADA by banking institutions) I already know some banks that can do this, but I’m not allowed to mention their names because they think there may be some regulatory turmoil, I need to agree with them before I disclose them (…) but it can be done today, and there are possibilities for that in the future. As a banker I know which buttons I need to push.”
Expanding on the previous point, the CEO of the Cardano Foundation talked about the privacy features that ADA must have in order to be adopted by banking institutions. Gregaard thinks that between Bitcoin and ADA there is a 1 to 1 parity in terms of privacy. The only difference between the cryptocurrencies, the executive said, is in their consensus protocol.
“(Proof-of-Stake) allows you to have a little less privacy than you have with the Bitcoin protocol. If people can run their business on Bitcoin, they can run their business on ADA (…) I’m already starting to talk about the ADA standard, because I feel that people should run their business on ADA.”
The executive also talked about the future of the Cardano Foundation and its position in the Cardano ecosystem and said there will be a further development of the technical capabilities of the Cardano Foundation to serve as a support to IOHK in the development and implementation of the subsequent platform eras: Goguen, Basho, and Voltaire. The Cardano Foundation will also support developers who will use the platform when introducing smart contracts and other new Cardano features. He noted:
“How do we support them, how do we bring confidence in that, how do we increase the business model? The k-parameter will be changed, what does that really mean? That’s the thing that the Foundation should go out there and take some ownership.”

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