Cardano will not become a privacy coin to remain available to banks

Charles Hoskinson suggests hosting next elections on Cardano blockchain

Cardano (ADA) has always been an interesting project that liked taking its time and not rushing things. However, that also means that its future can still be changed, and its community constantly debates about what it might be next for ADA later down the line.

Now, the Cardano Foundation’s CEO, Frederik Gregaard, decided to share his views on the topic with the community, during a Q&A session.

Cardano has use cases in the banking sector

Gregaard spoke quite a bit about Cardano’s most important use cases, and what problems can be solved using the project. According to him, most of them will be in the Financial Services and Insurance area.

It makes sense that the Foundation’s executive would focus on this area, considering his background in the Financial Services industry. He has quite a bit of experience in the banking sector, which allowed him to understand the banking sector’s views on crypto, and when it started to wake up on the idea that cryptos are not going anywhere.

According to him, ADA could have a large role in the banking sector. In fact, banks could choose to store a portion of their holdings in ADA. He admitted that he already knows a few banks that can do this, although he was reluctant to name them.

Even so, he stressed that, as a former banker, he knows exactly what buttons to press to increase the likelihood of ADA’s use in this sector.

Why ADA should not become a privacy coin

He also spoke about whether or not Cardano can protect its users’ privacy. Here, Gregaard noted that making ADA a complete privacy coin would not make it a good choice for the banks. The project’s current privacy features are similar to Bitcoin, with the biggest difference between the two being the architecture.

Still, he continues to claim that ADA, as it is, already has many real use cases in the mainstream financial system, and that changing that would not be beneficial for the project.

The post Cardano will not become a privacy coin to remain available to banks appeared first on Invezz.

Publication date: 
11/10/2020 - 13:16

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