- Cardano’s (ADA) IOHK has joined forces with Mongolian blockchain heavyweights to promote DLT development
- The Cardano (ADA) blockchain project is steadily gaining adoption
- Cardano (ADA) is currently the 10th largest cryptocurrency in the world, by 24-hour trading volume
Input-Output Hong Kong (IOHK), a research and development company that claims to be dedicated to making use of peer-to-peer innovations of blockchain technology for building highly accessible financial services for the masses, has signed a memorandum of understanding with Mongolian Blockchain Technology and Cryptocurrency Association and Mongolian Fintech Association to help promote blockchain project development in the region, according to a tweet on May 11, 2019.
Cardano (ADA) Inks Significant Collaboration
Input Output Hong Kong (IOHK), the second organization in charge of developing the Cardano ecosystem until 2020, has announced the signing of a memorandum of understanding (MoU) with Mongolian Blockchain Blockchain Technology and Cryptocurrency Association as well as the Mongolian Fintech Association.
Per the team, the forward-thinking collaboration is aimed at fostering blockchain project development in Mongolia.
Today, #IOHK signed an MoU with Mongolian Blockchain Technology and Cryptocurrency Association and Mongolian Fintech Association. This MoU is to help implement and foster blockchain project development in Mongolia. #FrontierFintech #crypto #blockchain #Cardano #ecosystem pic.twitter.com/5BvCId5VlL
— Cardano Community (@Cardano) May 11, 2019
For those who are unaware, Mongolia is a landlocked country in East Asia that’s currently attracting bitcoin miners and numerous blockchain businesses due to the abundance of cheap electricity in the region.
Though the deal which was announced during the recent Frontier Fintech Summit held in Mongolia failed to reveal the entire details of the new collaboration, some observers have hinted that the partnership is aimed at helping Mongolia to curb the menace of drug counterfeiting with distributed ledger technology (DLT).
No Correlation with ADA?
While IOHK’s partnership with the government of Mongolia goes a long way to show that the Cardano blockchain has real-world use cases, some observers have argued that the alliance has no correlation with Cardano’s native ADA altcoin.
“To be clear, it’s not an adoption of ADA. It’s a business venture where IOHK helps Mongolia implement blockchain technology,” noted a Reddit user with the moniker MrOaiki.
In any case, the fact still remains that the Cardano (ADA) team is one of the most active in the cryptospace and with time, the results of their hard work will start having a positive effect on the price of ADA.
At press time, the price of ADA has gained 3.82 percent at $0.073, with a market capitalization of $1.91 billion, as seen on CoinMarketCap.