Cardano Blockchain announced its partnership with satellite television company DISH Network. The ADA price gained about 10% after the partnership progressed.
Cardano rises after the news of partnership
Cardano (ADA) has signed with DISH Network, a satellite television company serving in the USA and Mexico. Following this news, ADA left behind all its followers in the last 24 hours. Coinmarketcap.com data shows the ADA price to trade above $0.65, up about 9%. Meanwhile, Bitcoin was trading at $30,580, up 3%. ADA, the 6th cryptocurrency by market cap, is currently the top 10 earner.
Dish Network is a digital platform serving in the USA and Mexico. It was established in March 1996 in Meridian, Colorado, USA. It is now moving to the Cardano network, furthering their partnership that was formed in late 2021. Through the partnership, a decentralized identity and loyalty tokens will be offered based on Cardano’s technology.
The news of the partnership was announced in an announcement by Cardano founder Charles Hoskinson’s firm, Input Output. With all these developments, ADA is doing much better than most major altcoins, up 7.2% over the past seven days.
Why is Cardano-DISH collaboration important?
The Cardano-DISH partnership represents a real use case for Cardano through the integration of Blockchain into telecommunications technology. DISH will launch the project using technology provided by Input Output. The loyalty program is part of a major collaboration of the Cardano DISH infrastructure. In this way, loyalty cryptos can be generated on Cardano. These tokens will enable the company to track cryptos acquired by customers on the Blockchain. DISH Network will control the token supply and token burns in the network.
Cardano’s eco-friendly projects
Blockchain firm Emurgo and Cardano, a new decentralized application for the Web3 developer community -DAB- published the solution. DAB solution is a toolkit that allows easy interaction and collaboration between developers and Blockchain.
As we quoted as Kriptokoin.com, ADA has attracted investors in recent weeks in anticipation of the upcoming Vasil Hard Fork update. According to Hoskinson, the update will attract more developers to Cardano. Additionally, data showing ADA’s developers hit a record high has caused a rally in ADA last week. The launch of a new Ethereum bridge that allows the transfer of stablecoins has also positively impacted the ADA price.
Grayscale increases ADA allocation to 30%
ADA had a strong rally in June last year after a major update. In the future, the digital asset giant Grayscale added ADA to its digital large equity fund. The firm is now purchasing ADA again as part of its quarterly rebalancing. Grayscale has sold other components in its portfolio to allocate PoS Bockchain’s cryptocurrency.
According to current data, Grayscale has increased its allocation to Cardano (32.33%) on its smart contract platform Ex-Ethereum fund.
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