The number of projects in the Cardano ecosystem exceeded 1,200; FTX targets end of February for political donations; Visa’s crypto strategy targets stablecoin settlements.
The number of projects in the Cardano ecosystem exceeded 1,200
The Cardano ecosystem is thriving with an increasing number of projects being built on its platform. This includes decentralized finance (DeFi) applications, supply chain management solutions and authentication systems.
One of Cardano’s unique features is that it uses a multi-layered architecture that allows separation of the settlement layer (where transactions take place) and computing layer (where smart contracts are executed). This design provides increased scalability and efficiency and supports the development of a wide variety of applications.
Another important aspect of Cardano is its focus on security and transparency. The network uses formal verification, a mathematical approach to software verification, to secure its smart contracts. This makes Cardano a suitable platform for mission-critical applications such as supply chain management and authentication.
Adding strength to its strength with all these new generation technologies, the project hosts 1,200 projects, according to its latest report.
Its strong focus on security, sustainability and scalability, combined with its growing community and partnerships, make Cardano a promising platform for the development of a wide variety of applications.
FTX targets end of February for political donations
The new administration, which wants to reclaim the political donations made by Sam Bankman-Fried and other FTX executives, has set the end of the month as a target.
The administration, which took over after the collapse, will discard this move as part of the bankruptcy proceedings. Thus, the exchange will be able to make repayments to its creditors. According to FTX attorney Andy Dietderich, the collapsed FTX had recovered $5 billion in cash and liquid cryptocurrencies by January 11. Total liabilities amount to approximately 9 billion dollars.
In 2020, Bankman-Fried donated $5.2 million making him the second highest contributor to Joe Biden’s election campaign. He acknowledged being a “significant donor” to both Democratic and Republican candidates in November’s midterm elections.
Donations by FTX to political parties and candidates are being investigated by US prosecutors. Court documents filed in January show FTX borrowers reviewing donations totaling $93 million between March 2020 and November 2022.
A task force has also been formed by the United States Attorney’s Office for the Southern District of New York to “trace and recover” lost FTX client funds and conduct investigations and prosecutions of the stock market crash. Bankman-Fried denied all charges.
Visa’s crypto strategy targets stablecoin settlements
According to Cuy Sheffield, head of Visa’s crypto division, speaking at StarkWare Sessions 2023, Visa is working on creating a system that aims to allow customers to convert digital assets to fiat currencies on its platform.
Sheffield sweated the following statements at the event:
“We are testing how to actually accept payments from issuers in USDC starting with Ethereum and paying in Ethereum in USDC (USDC). These are high-value settlement payments.”
The payments giant is exploring how to incorporate blockchain technology into its existing network to move money faster. However, agreements on the SWIFT system are still ongoing. The main purpose is to facilitate secure and standard transaction communication between members.
“We have SWIFT installed everywhere, so we can’t move money as often as we want because there are a number of limitations that exist in these networks. So, we’re doing experiments, making it public. We were testing how settlement payments would actually be accepted”
Speaking at Visa’s annual shareholders meeting recently, former CEO Al Kelly briefly shared the company’s plans for central bank digital currencies (CBDCs) and private stablecoins:
“Stablecoins and central bank digital currencies have the potential to play a meaningful role in payments”
Sheffield again confirmed the company’s view on blockchain technology and digital assets.