• 30 May, 2024
News

EMURGO Partners With GSR to Amplify Cardano Ecosystem Growth

EMURGO, one of the founding entities of the Cardano blockchain, today announced a partnership with GSR, a renowned cryptocurrency trading firm. This alliance aims to integrate GSR’s comprehensive services into the Cardano ecosystem. The collaboration will focus on enhancing liquidity and market-making strategies, pinpointing investment opportunities, improving interoperability among users, and spearheading educational initiatives about Cardano.

These combined efforts are set to propel the Cardano ecosystem’s growth. Additionally, they will boost Cardano’s visibility, attracting more developers, businesses, and various stakeholders to the platform. Ken Kodama, CEO of EMURGO, expressed enthusiasm about the partnership, stating, 

Working with GSR, a leading market maker in the cryptocurrency sphere, positions us to amplify the development and reach of Cardano’s Web3 projects and ecosystem.

GSR is equally pleased with this collaboration, as CJ Fong, Head of EMEA Business Development at GSR, highlighted their eagerness to support Cardano’s next growth phase through strategic investments and educational endeavors.

Cardano stands out as a blockchain platform that is both open-source and rooted in peer-reviewed research. It employs a secure and eco-friendly proof-of-stake protocol. To date, the platform has facilitated nearly 90 million transactions and supports over 1,350 projects.

Looking at Cardano’s market performance, ADA has been trading on a descending channel as the bearish activity persists. Since failing to break past the key resistance level at $0.7800 in March, ADA has been steadily declining, losing the $0.6000 key level in April. At press time, ADA is exchanging hands at $0.454, down by 4.35% in the past 24 hours. 

Following the recent broad market dip, which saw the leading asset, Bitcoin, drop below the $60,000 key level, ADA was not exceptional. On the monthly and weekly charts, ADA has been down by 23% and 1%, respectively. The market capitalization is at $16 billion, a decrease of 3%, while the trading volume has seen an increase of 60% with a value of $375 million.

ADA/USD chart: TradingView

Technical indicators on the daily chart paint a bearish picture amid trend reversal signs. The Relative Strength Index (RSI) is sloping toward the oversold region at the 38 index, indicating a bearish trend. However, the MACD indicator is hovering in the positive region, with the MACD line above the signal line, which suggests an increase in buying pressure. 

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