Cardano (ADA) is an open-source and decentralized project backed by Input-Output Hong Kong (IOHK). The project defines itself as, “a decentralized platform that will allow complex programmable transfers of value in a secure and scalable fashion”. In the cryptocurrency community, many consider Cardano to be the “Ethereum of Japan”. Because reports indicate that 95% of ADA is held by the Japanese.

Although the market has plummeted to a new low this year, Cardano steadily holds its position as being within the top 15 cryptocurrencies based on market capitalisation. The project has a highly active good community that frequently promotes its partnership announcements, price updates, and other development-related news. 

Partnership with New Balance 

During the Cardano Summit in Bulgaria in late September this year, founder Charles Hoskinson announced Cardano’s collaboration with sneaker brand New Balance to solve authenticity on the blockchain. Both companies will work together to create a new blockchain called NB Realchain, which reportedly confirms the authenticity of New Balance’s retail products.

Talking about the partnership, Hoskinson noted:

“We’re looking forward to seeing what New Balance customers make of the opportunity to protect their investment by verifying the authenticity of their new purchase forever, on the Cardano blockchain,”

Is it worth investing in Cardano?

It’s worth noting that within just two years of its launch, Cardano amassed market capitalization of over US$1 billion. Remarkably, the currency currently captures the 13th largest spot, with market capitalization of US$989,001,076. The ADA token has clearly performed remarkably in just a short amount of time.

Taking a closer look at the yearly price chart, Cardano traded at around US$0.042 against USD on December 31, 2018. The coin kick-started 2019 with US$0.041 and hit US$0.07 in the second quarter. It continued its winning streak during this year’s third quarter with US$0.084. Though it is worth noting that the price has dipped in Q4 to US$0.039 but is working its way back up. 

As of October 19, 2019, the coin can be traded at around 114 cryptocurrency trading platforms with multiple trading pairs. However, the top trading platforms for Cardano at the time of publication are CoinEx, BiKi, Binance, DCoin, Huobi Global, Upbit, BKEX, MXC, and Bitrue. So investors have lots of platforms to compare and choose from if speculating on this asset. It also means that investors are less vulnerable to platforms closing down because they can always trade the coin elsewhere.

Its strong support from the Japanese cryptocurrency scene would suggest some big markets are available and a popularity that could see Cardano as a worthy investment opportunity, especially if further noteworthy partnerships continue.