Cardano recently shook the crypto market by signing an official partnership with Argentina. This development marks a major milestone for the country, which is trying to elevate its crypto sector.
The announcement states that Rogelio Frigerio, the Entre Rios Province’s governor, joined hands with Rafael Fraga, Cardano’s lead for Business Development. The parties signed an agreement to initiate the partnership.
With the collaboration, the Entre Rios Province will focus on promoting blockchain adoption regionally. Cardano confirmed the news on its official X account. Other than the announcement, Cardano has not yet shared any additional information about the collaboration.
Argentina is undergoing a crypto ecosystem growth phase while devising a regulatory framework lately. Cardano Founder Charles Hoskinson recently interacted with Javier Milei, Argentina’s President, on social media.
Their interaction highlighted Cardano’s increasing demand for the Argentinian crypto expansion. The engagement kicked off with an update from the Research For Traders’ Director, Dario Epstein.
According to Epstein, a company specializing in 3rd-generation blockchain has approached Research For Traders. The aforementioned company expressed interest in entering Argentina to develop technology and knowledge-based apps.
It turns out that the company is Cardano, as confirmed by Hoskinson later on. The founder stated that Argentina boasts some of the best minds in the market, and it’s a privilege to be working with them.
Surprisingly, ADA has lost 1.20% of its value since the announcement. In the past 24 hours, the coin has dropped to $0.4579. However, the implications of the collaboration are expected to boost ADA past the $0.5 mark shortly.
In terms of market cap, the token maintains its 10th position among the top cryptocurrencies. Its value is 85.21%, down from its peak of $3.10 reached in 2021. However, the coin may contemplate achieving its peak through a series of comparable-sized partnerships.