EMURGO, the commercial arm of the Cardano blockchain, has formed a strategic alliance with GSR, a prominent global cryptocurrency trading firm. This partnership aims to bolster the infrastructure of the ecosystem by leveraging GSR’s expertise in market liquidity and financial services.
How The Partnership Will Boost Cardano
EMURGO, established in 2015, plays a critical role in driving the adoption and implementation of the Cardano blockchain. The collaboration with GSR is intended to address several key areas within the network.
First, GSR will bring its extensive experience in market-making to provide deeper liquidity for Cardano’s native token and other Cardano-based digital assets. This move is expected to reduce slippage and improve transaction efficiency on decentralized exchanges operating within the Cardano ecosystem.
The partnership will scout and support burgeoning projects through venture investments within the network, aiming to fuel innovative developments and accelerate commercial applications built on Cardano. By enhancing the interoperability of applications, the collaboration also seeks to simplify user interactions and integrate services across the blockchain, thus broadening user engagement and adoption.
Moreover, both entities are committed to advancing blockchain knowledge through joint educational programs focused on ADA’s technology, which will aim to attract more developers and businesses to the ecosystem.
Ken Kodama, CEO of EMURGO, highlighted the strategic benefits of the alliance, stating, “EMURGO is excited to work with GSR and utilize its established track record as one of the largest market makers in the crypto space to support the growing ecosystem. GSR’s wealth of experience, expertise, and deep resources will enable builders and projects to develop and scale their Web3 products to potential Web3 users while fostering an even more robust Cardano ecosystem moving forward.”
Echoing the sentiment, CJ Fong, Head of EMEA Business Development at GSR, noted, “GSR is thrilled to be working with the EMURGO team as they continue to expand their ecosystem. We look forward to supporting the next phase of growth through unique investment opportunities and education initiatives within the Cardano community.”
This partnership comes at a pivotal time for GSR as well, with its Singapore subsidiary, GSR Markets Pte. Ltd., securing the Digital Payment Token Service license from the Monetary Authority of Singapore (MAS). This is a notable milestone as it marks the first such license granted to a digital asset market maker in the region, potentially setting a precedent for regulatory acceptance of digital asset firms in Singapore and beyond.
Cardano itself is known for its foundation in peer-reviewed research and a scientific development methodology. With a commitment to environmental sustainability and security through its proof-of-stake protocol, the blockchain has successfully processed nearly 90 million transactions. The platform currently supports over 1,350 projects, varying from financial applications to complex decentralized applications (dApps).
At press time, ADA traded at $0.45.
Featured image from iStock, chart from TradingView.com