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Cardano Summit sees the start of exciting new partnerships

The Cardano Summit is now officially over. Live and virtual events from around the world took place on Saturday and Sunday as notable figures from the crypto space spoke at the event, including Cardano founder Charles Hoskinson. The event brought a lot of excitement to the room and allowed community members from all over the world to interact with one another. Most notable, however, were the announcements of new partnerships made at the event.

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In the weeks leading up to the event, the founder, the developers and the people involved in the Cardano project had touted many exciting new partnerships for the blockchain. Some of these announcements were expected by the community. Mostly related to decentralized financial projects debuting on the network. But a few others were completely new to the room.

Cardano works with Veritree to fight climate change

The contribution of climate change and cryptocurrency to the problem clearly needs to be addressed. In response, Cardano announced at the summit that it would take proactive steps to address this growing problem. Veritree is a subsidiary of Tentree, a company that makes sustainable clothing by planting 10 trees for every item of clothing sold. With Veritree, the company wants to follow its tree-planting campaigns around the world.

Veritree, which has planted 68 million trees in the past decade, is having a hard time keeping track of the trees that have been planted. And with Cardano’s blockchain technology, Veritree can create “an immutable, transparent, and audible blockchain-based report of all Veritree’s afforestation and reforestation efforts – with a fraction of the carbon footprint of other blockchains.”

DeFi, NFTs, staking and more

Given that not so long ago smart contracts were deployed on the Cardano network, announcements were expected on this front and the project did not fail. The developers behind the project have announced various partnerships, ranging from NFTs to staking.

The NFT marketplace Rival joins the network’s long list of new partners to enable the creation and distribution of NFTs. It also enables the redemption of NFTs for physical goods and the distribution of marketplace-based license fees. This will help improve the user’s experience of minting and using NFTs in the Cardano ecosystem.

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Another partnership with UBX, a UnionBank fintech venture studio, brings public investment pools to the public. This allows users to earn rewards for staking their ADA tokens to help maintain and secure the blockchain. In addition, a partnership with AID: tech brings decentralized financial identity solutions to the blockchain. With AID: tech, users can easily verify ownership so that a large number of transactions can be processed in a short period of time.

Other partnerships include an agreement with the cable provider and Fortune 500 company Dish Network / Boost Mobile to integrate its telecommunications services with the Cardano blockchain. And another partnership with Chainlink will enable developers built on top of the blockchain to develop smart contracts and other solutions on the network.

Referring to these recent partnerships, Cardano founder Charles Hoskinson said, “We have to do a lot of science, a lot of innovation and a lot of technology.”

Featured image by Medium, chart from TradingView.com

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