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.
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