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Cardano’s DeFi Ecosystem Receives First Fiat On-Ramp with Stablecoins: Details

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COTI Network (COTI), a decentralized payments platform, partners with Ardana to bring new liquidity options to Cardano (ADA)

As Cardano-based DeFis are taking their first baby steps, their customers need secure and decentralized on-ramps and off-ramps for fiat money and stablecoins.

Cardano’s native assets become payment instruments

According to the official announcement by COTI Network (COTI), a digital assets payments platform, it has entered into a partnership with Ardana, a stablecoin hub on Cardano (ADA).

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Ardana is going to bring decentralized stablecoin payments to ADAPay, a native payment system for the Cardano (ADA) community. Ardana customers will be able to purchase goods with their stablecoins wherever ADAPay is accepted.

Also, Cardano-based stablecoin payments will be accessible for millions of merchants worldwide, protecting them from being exposed to the volatility of cryptocurrency assets.

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Shahaf Bar-Geffen, CEO of COTI, claims that Cardano’s native assets become acceptable in ADAPay mainstream digital payments system:

Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operation.

Cardano (ADA) expands its bet on DeFi and NFT

Ryan Matovu, founder of Ardana, stated that Cardano (ADA) and its DeFi segment look very promising in terms of e-commerce adoption worldwide:

Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life- from yield farming on-chain, to financing actual farming off-chain.

As covered by U.Today previously, Cardano (ADA) reaffirms its strategy of expanding into the DeFi and NFT spheres. On Sept. 16, its devs from EMURGO shared the details of the Astarter DeFi hub for wallets, DEXs and launchpads.

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Also, Cardano’s Yoroi wallet has been adjusted for transfers of non-fungible tokens.

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Charles Hoskinson Addresses FUD About Upcoming PAB Upgrade, Here’s What He Says

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IOG chief executive and founder addresses Twitter FUD about upcoming Cardano upgrade in update from Cardano’s “pan-African tour,” responds to FUD about PAB integration

CEO of Input Output Global and founder of the Cardano blockchain platform, Charles Hoskinson, went on the air from Africa to give the ADA community a brief update on Cardano’s current “pan-African” tour. He also addressed the big flow of FUD he has recently seen on Twitter about Cardano’s coming integration of PAB—Plutus Application Backend, which is due in November.

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Update from Cardano African tour

Hoskinson shared with the community how Cardano’s African tour has been going. He mentioned multiple meetings, including dinner with the CEO of the ShopRite retail giant and the company’s innovation team.

Over the weekend, on Saturday, Oct. 16, the Cardano chief gave a speech at the Cape Town Innovation Hub as part of the CiTi event (“Cape Innovations and Tech Initiative”)—a “fireside chat” with Hoskinson.

He jokingly refers to this long trip around Africa as a “pan-African tour.” It started in Cape Town in South Africa and will continue heading north to other nearby regions: Zanzibar, Burundi, Kenya, Ethiopia and ending up in Egypt.

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Hoskinson shared that there are three heads of state in the queue to meet, as well as “tons of other meetings” scheduled.

Hoskinson addresses more FUD about scalability and TPS on Cardano

Mr. Hoskinson also addressed the extremely large amount of FUD (fear, uncertainty, doubt) that he bumped into on Twitter in the past few days regarding the upcoming small upgrade on Cardano due in late October but most likely to appear in early November: PAB.

PAB stands for Plutus Application Backend. It is one of the tools offered by the platform after the Alonzo hardfork implemented in September. It helps developers building on Cardano to use smart contracts.

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According to a Cardano explanation, PAB is “an off-chain, backend service for managing and handling the requirements of the application instance throughout its lifecycle.”

Hoskinson stated that he has bumped into lots of “usual FUD” regarding Cardano’s ecosystem, mentioning in particular scalability and TPS issues. He said that the platform continues to evolve and devs are learning as they go (and they have a lot to learn with Cardano). However, overall, the Cardano ecosystem is strong and secure at the moment, and they have never seen so much demand.

Hoskinson added that there are a lot of commercial products being prepared on Cardano too. He reminded the community and those spreading FUD that a lot of new technologies will be rolled out on this blockchain in the next three to nine months.

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Cardano (ADA) Price Analysis: Bulls Facing Uphill Task

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  • ADA price is struggling to clear the $2.18 and $2.20 resistance levels against the US Dollar.
  • The price is now trading below $2.20 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $2.21 on the 4-hours chart (data feed via Bitfinex).
  • The price might start a fresh increase unless there is a break below $2.05.

Cardano price is struggling below the $2.20 resistance against the US Dollar, unlike bitcoin. ADA price must clear $2.24 to start a fresh increase.

Cardano Price Analysis

After a close above $2.20, cardano price attempted a break above the $2.24 resistance zone against the US Dollar. The ADA/USD pair failed to gain momentum and started a fresh decline below $2.20.

There was a break below the $2.15 level and the 55 simple moving average (4-hours). The price even traded below the $2.10 level. A low is formed near $2.09 and it is now consolidating losses.

An initial resistance on the upside is near the $2.17 level. It is near the 50% Fib retracement level of the recent decline from the $2.25 swing high to $2.09 low. The first key resistance is near the $2.20 level. There is also a major bearish trend line forming with resistance near $2.21 on the 4-hours chart.

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The trend line is close to the 76.4% Fib retracement level of the recent decline from the $2.25 swing high to $2.09 low. A clear break above the trend line might open the doors for a fresh move towards $2.24.

If there is an upside break above the $2.24 zone, the price could rally above $2.32. The next major resistance could be near the $2.50 level. On the downside, an immediate support is near the $2.09 level. The first major support is near $2.05. Any more losses might lead the price towards the $2.00 level, below which the bears could gain strength in the near term.

Cardano Price

Cardano Price

The chart indicates that ADA price is now trading below $2.15 and the 55 simple moving average (4-hours). Overall, the price might start a fresh increase unless there is a break below $2.05.

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Technical Indicators

4 hours MACD – The MACD for ADA/USD is moving in the bearish zone.

4 hours RSI – The RSI for ADA/USD is correcting higher towards the 50 level.

Key Support Levels – $2.07 and $2.05.

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Key Resistance Levels – $2.20 and $2.24.

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Cardano’s Charles Hoskinson lashes out at U.S. Treasury for its intentions to ‘kill’ crypto

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  • The Cardano co-founder said that the Treasury’s actions haven’t deterred him from moving ahead with crypto development.
  • The U.S. Treasury warns that cryptocurrencies undermine the role of U.S. sanctions.

Cardano co-founder Charles Hoskinson has lashed out at the U.S. Treasury stating that they will do everything in their capacity to kill crypto. Hoskinson’s recent comments came during his tour in South Africa.

Amid the explosive growth of the crypto market, regulators have been on their toes hunting down several crypto frauds and illicit activities like money laundering. During his chat with the Cape Innovation and Technology Initiative, Charles Hoskinson said:

In DC, the Treasury Department does everything in its power to try to kill our industry. A $2 trillion industry just pops up in our backyard, and my government’s trying to kill it.

With global regulatory authorities stepping up their efforts in scrutinizing the crypto space, market players have been looking for regulatory clarity. Last month in September, the Treasury blacklisted the first crypto exchange amid the growing scrutiny.

The agency also found that Russian-owned Suex has been involved with laundering financial transactions. The U.S. Treasury noted that 40 percent of the exchange’s transactions have links with illicit activities.

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Hoskinson, however, said that he isn’t discouraged by the Treasury’s efforts to limit the growing crypto space. But while the regulatory actions have been increasing, Fed Chairman Jerome Powell stated that they have no plans toban crypto.

Treasury Department: Crypto can undermine U.S. sanctions

In another report on Monday, October 18, the U.S. Treasury said that the rising use of crypto can undermine the effect of U.S. economic and financial sanctions. The agency also stated that high crypto use can dent the role of American Dollar in global economy.

While reviewing the U.S. sanctions system, the Tresury noted:

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While sanctions remain an essential and effective policy tool, they also face new challenges including rising risks from new payments systems, the growing use of digital assets, and cybercriminals.

The U.S. sanctions currently at quite impactful since they cut off governments from using the U.S. financial systems. This impact the santioned country from profiting in trade across the world. The report further added that “digital currencies and alternative payment platforms offer malign actors opportunities to hold and transfer funds outside the traditional dollar-based financial system”.

The Treasury noted that this will offer new ways “of hiding cross-border transactions” while building “new financial and payments systems intended to diminish the dollar’s global role”. Deputy Treasury Secretary Wally Adeyemo said:

Sanctions are a fundamentally important tool to advance our national security interests. We’re committed to working with partners and allies to modernize and strengthen this critical tool.

One thing is sure that the Treasury might limit the use of crypto going ahead. Or either it will have increased surveillance on the use of digital assets.

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