Cardano Receives Support From Swiss Bank, Founder Response

Charles Hoskinson, Cardano founder, recently expressed his strong endorsement for Post Finance, a Swiss government-owned bank, citing their early support when he was involved with Ethereum. He highlighted the bank’s current expansion of cryptocurrency services, now offering trading and custody for a range of digital assets including Avalanche, Cardano, Polkadot, XRP, and Solana.

Response to Endorsement

In response to Post Finance’s announcement about adding five new cryptocurrencies to its trading and custody platform, the bank acknowledged its past collaboration with Hoskinson and expressed its satisfaction in including Cardano among its cryptocurrency offerings. This move reflects Post Finance’s ongoing commitment to supporting cryptocurrency initiatives.

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Reactions from the cryptocurrency community varied following Hoskinson’s endorsement. Swiss nationals and meme enthusiasts generally responded positively, with some speculating about potential partnerships and collaborations. However, there were also negative sentiments expressed, with one commenter sharing a negative experience with Post Finance and another questioning the bank’s stability by referencing the bankruptcy of the exchange Celsius.

PostFinance recently revealed its pivot towards embracing digital assets, introducing its crypto service on February 21, 2024, which enables customers to easily purchase or securely store an initial selection of 11 cryptocurrencies. Furthermore, customers can now establish a crypto saving plan, similar to a traditional funds saving plan, increasing user-friendliness and transparency.

Hoskinson’s recent social media activity aligned with his broader mission for Cardano, emphasizing its global impact over token prices and reflecting on the project’s journey and the criticism it has faced as it nears completion. He remains focused on the transformative potential of Cardano rather than its market valuation.

Price Action

At the time of Hoskinson’s remarks, the price of Cardano’s native token ADA stood at $0.4156, representing a 1.70% increase over the past 24 hours and a 6.87% increase over the past week. ADA also reported a 24-hour trading volume of $296,858,134, indicating its active presence in the market.

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.