Graph Blockchain (CSE: GBLC) this morning announced that it placed capital into Cardano, a digital currency, for the purpose of staking. The capital deployment is in relation to the firms previously announced strategy to focus on both Cardano and Polkadot for proof of stake mining.
A total of $300,000 was reportedly allocated for the purpose of staking the coin, which is also referred to as ADA. Further information will reportedly be released as the project develops and progresses through the planned phases.
Cardano originally began development in 2017, when a co-founder of Ethereum proposed a coin that focused on proof-of-stake concepts that placed an emphasis on addressing concerns related to scalability, sustainability, and interoperability. NFT and smart contract functionality are expected to be added to the platform later this year.
“As outlined in previous news releases, Graph believes that in 2021, there is the potential for smart contract platforms to implement solutions to facilitate mass adoption on decentralized blockchains. Cardano is widely believed to be just the project to accomplish this, and Graph is excited to add ADA, to the Company’s list of supported projects.”Paul Haber, CEO of Graph Blockchain
Graph Blockchain last traded at $0.125 on the CSE.
FULL DISCLOSURE: Graph Blockchain is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Graph Blockchain on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.