According to reports, the Cardano Foundation, the Blockchain network behind the ADA crypto currency and one of three organizations involved in pioneering the development of the Blockchain and cryptocurrency sectors, has recently joined an industry trade group. Cardano Foundation joined GDF (Global Digital Finance). GDF is an industry trade group behind regulatory services. Cardano joined the initiative in a bid to set regulatory guidelines for crypto.
The Cardano Foundation Reportedly Went Through a Rigorous Process to Achieve its Latest Endeavor
According to Finance Magnates, going by the official announcement, Cardano Foundation is said to have gone through a “mandatory rigorous procedure” to join GDF (a London-based industry membership institution). GDF sets out “overarching guild and a comprehensive code of conduct” when it comes to matters focused on token sales, Blockchain platforms, and fund managers.
Citing people familiar with the matter, the London-based industry trade organization is reported to rate the websites of its members to make sure they are compliant with GDF’s specified standards.
What Does Joining Global Digital Finance Mean For the Cardano Foundation?
Joining the Global Digital Finance initiative means that the Cardano Foundation has entered several working groups that are revolving around the KYC (know your customer) protocol and AML (anti-money laundering) requirements, as well as stablecoins, custody, and security tokens. This is a show of intent from Cardano and could mean better days for its native token ADA.
According to the report, the organizations, it is clear that it is also going to work on tax treatment of cryptos and its markets’ integrity. Per the Foundation’s PR and marketing director, Bakyt Azimkanov:
“The fresh collaboration between the Global Digital Finance group and the Cardano Foundation is set to strengthen the ongoing efforts to set up best practices along with sound governance and policies. It will see Cardano contribute to the establishment of cryptocurrency regulatory guidelines”.
As mentioned above, the Cardano Foundation is one of three organizations that are focusing on the promotion and development of Cardano’s Blockchain along with EMURGO and IOHK. Charles Hoskinson, the founder of the Cardano Blockchain has recently given a revelation of what he believes about Cardano’s chances against Facebook’s Libra in the emerging crypto markets.
Cardano is Trading at $0.076581 as of Press Time
Last month, the Cardano Blockchain opted to launch a staking test network. This was done for the network’s long-awaited Shelley update. The Shelley update will see Cardano get rid of miners and begin to rely on the proof-of-stake (PoS)-based consensus protocol. With the new update, comes a new protocol known as the Ouroboros BFT.
According to data given by coin market cap, the price of ADA was trading at $0.076581 at press time. Coin market cap lists Cardano’s total market capitalization at $1,985,528,528 and circulating supply of 25,927,070,538 ADA. Coin market cap also lists Cardano’s daily trading volume at $132,055,462 with a return of investment of about 253.27%.
Cardano had a 90-day high point when it traded at $0.059106 while its low point within the same period was at $0.059106. In the last 30 days, Cardano had a high of $0.106910 and low of $0.076443 in the same time period. The coin had a 7-day high position at $0.091168 and low position at $0.07648 in the same time period.