Cardano partners with Swiss fintech firm Lykke Corp, ADA/USD shoots up

Cardano Foundation has recently announced its partnership with Lykke Corp, a Switzerland-based fintech company and blockchain exchange. The collaboration will involve initiatives that will leverage Cardano’s blockchain technology to enhance Lykke Corp’s financial services and strengthen its market position.

According to the announcement, Lykke Corp is awaiting approval by the Swiss Financial Market Supervisory Authority (FINMA) to expand its financial products and operations scope. Once authorized, Cardano Foundation will provide unique market access to Lykke to push its products on the Cardano blockchain. 

On the other hand, Lykke Corp is planning to increase its influence in the blockchain space through several initiatives. These include Lykke blockchain business services, LyCI digital assets index and a think tank that serves as a fundraiser for blockchain-based solutions. 

Commenting on the partnership, Cardano’s Foundation’s Chairman Nathan Kaiser, said: 

Through this collaboration, both Cardano foundation and Lykke Corp will seek to build out financial infrastructure and offer services that will both empower the Cardano ecosystem and enrich the wider blockchain space.

Lykke Corp’s Founder and CEO Richard Olsen stated that Cardano has all the “critical attributes” that make it an ideal blockchain choice for banks. These attributes include formal methods, scalability and open-source code. 

ADA/USD daily chart

ADA/USD bulls have started the day extremely strong as they took the price up from $0.122 to $0.1306, crossing above the SMA 20, in the process. The 20-day Bollinger jaw has constricted, which shows decreasing price volatility. The MACD shows that market momentum is currently decreasing.

The bulls will next want to take over the $0.133 resistance level to continue the upward movement. On the downside, we have healthy support levels at $0.1237 (SMA 20), $0.117 and $0.0991 (SMA 50).