Crypto Scoop: Cardano Becomes The Third-largest Cryptocurrency

Here are the highlights of this week’s crypto scoop:

• Cardano becomes the third-largest cryptocurrency
• Huawei builds blockchain platform for Beijing Government
• Cuba government set for crypto adoption

Cardano becomes the third-largest cryptocurrency.

Cardano blockchain, ADA, over the past few days, has experienced a bullish run that places it as the third-largest cryptocurrency in terms of total market capitalization. Its price soared to a new ATH of $2.70 per coin, with its total market cap at $87.87billion. 

Cardano was launched in 2017 by Ethereum co-founder Charles Hoskinson, CEO of IHOK, the company that backs up the cryptocurrency. Cardano was not left behind in the bullish tide of August as it surpassed tether Binance coin to become the third-largest cryptocurrency. 

The Cardano rally may be attributed to an upcoming upgrade that would enable smart contract functionality. It would also allow certain decentralised finance (DeFi) applications to be functional on the network. Cardano has often been backlashed for not lacking smart contract functions, the biggest strength of Ethereum. The upgrade is proposed to take place on the 12th of September; however, it may take longer to achieve this. The update is a prelude to the launch of Gorgon, the third phase, which would include fungible and non-fungible tokens. 

Huawei builds a blockchain platform for Beijing Government.

Huawei technologies have offered its help to the Beijing Government in setting up a blockchain platform. The blockchain platform would help track and manage the citizen’s data covering all essentialities of their records. The platform was set up with smart contracts and distributed ledger. It is one of China’s “New Infrastructure Initiative” that would help revolutionize digital governance such that data can easily be stored securely and shared among more than 50 different government agencies within the region. 

The blockchain project would also help the government effectively monitor covid-19 cases. Although Huawei has met with several scrutinies from countries like U.S and U.K, it is actively taking a role in the digitalization initiative of the Chinese government.

Cuba set for crypto adoption

The Cuban government had been forced to stop accepting cash bank deposits in the US. This was because of certain restrictions and policies implemented by the former president of the United States, President Donald Trump. As an initiative to solve these challenges, the Cuban government is reportedly planning to recognize and regulate cryptocurrencies in the nation. 

A report from Aljazeera noted that the nation’s central bank is in the process of establishing rules for mainstreaming cryptocurrency transactions. The government is also in the process of distributing essential licensees to crypto-related firms. There are speculations that the Caribbean nation would soon adopt cryptocurrency as a legal tender like El Salvador. 

Read also: How Crypto Can Enable Trade In Africa

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