It, therefore, believes any crypto that moves towards compliance is headed to its guaranteed demise.Ĭharles Hoskinson, Cardano founder, has responded to the Weiss Crypto concerns by stating that Cardano’s main aim was to build layers, modules and ecosystems to enable compliance with local regulations. The centralised financial system has led to excessive and aggressive interventions that have led the world economy to the brink of failure. Weiss Crypto reiterates that the crypto world is all about creating a new financial and economic layer free from repression or control of any single authority. These they believe should be left for the Central bank-backed digital currencies (CBDCs) and Facebook Diem. It cites the move towards regulatory compliance has made the crypto space more censorship-prone, manipulated and politicized. In a detailed Twitter thread, Weiss Crypto explains why it is against the move. One of the high profile outfits to oppose it is Weiss Crypto, a subsidiary of the financial rating firm Weiss Ratings. However, not everyone in the crypto community welcomed the move. The deal would see the crypto use Coinfirm’s analytics to ensure compliance such as adhering to the Financial Action Task Force guidelines and the Anti Money Laundering regulations. The latest of its partnerships is with Coinfirm, a blockchain analytics provider. Cardano has been at the forefront of looking for partnerships to increase adoption and use cases. Strategic partnerships are one of the ways cryptocurrencies gain market traction. Some of the major issues Cardano has had to contend with in recent times are Coinfirm partnership While ADA seems to be on an upward trajectory, it has had to deal with some major issues in the recent past. It can be the best solution for those looking to move away from Ethereum’s high fees and network congestion issues. The new platform would allow its inroads in the Defi and NFT markets. There is a higher possibility of more ADA value increase, given the rise is majorly credited to the introduction of smart contracts. Such massive growth has sparked debates on its possibility of competing with Bitcoin and Ether in the future. After a sevenfold price gain in 2021, the coin is currently the third-ranked based on market cap. Cardano is one of the most active cryptocurrencies in 2021.
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