Physical ADA Coins from the Cardano Blockchain on a gray background
- EMURGO, a web3 software company focused on the Cardano ecosystem, announced a strategic partnership with Matrixport’s Cactus Custody to enhance institutional-grade digital asset custody amid mainstream adoption.
- Cardano (ADA) price has rebounded over 23 percent in the past three weeks from the bear market lows, indicating notable adoption by institutional investors seeking to diversify into digital assets with high potential.
The Cardano (ADA) blockchain network, a layer-one blockchain with a high DeFi development level and over $207 million in total value locked (TVL), has attracted notable attention from global regulators, institutional investors, and enterprises in the past few months.
Moreover, the top-rated altcoin is backed by an experienced and dedicated team of developers led by co-founder Charles Hoskinson and a vibrant Cardano community. Undeniably, Cardano (ADA) will be in the portfolio for most institutional investors fleeing to quality hedge against fiat inflation in the next few months. Consequently, the ADA bulls have begun showing early signs of recovery amid the Bitcoin-led crypto rebound.
According to our latest crypto price oracles, ADA price traded around $0.3057 on Thursday, November 2, 2023, which represented a spike of about 26.6 percent in the past two weeks. The mid-cap altcoin had a total valuation of about $13.8 billion and an average 24-hour trading volume of approximately $353 million.
Cardano Network Gets a Bullish Boost Via EMURGO and Cactus Custody Partnership
In a strategic partnership geared towards enabling regulated institutional custody support on the Cardano network, EMURGO Group, a global blockchain tech company that focuses on providing key services to Web3 developers on the Cardano blockchain, announced on Thursday that it had forged a collaboration with Matrixport’s Cactus Custody.
Moreover, Cactus Custody is regulated in different jurisdictions including in Hong Kong through a SOC-2 certification. As of reporting time, Cactus Custody provides crucial crypto services to over 300 global institutional clients and taps into more than 30 blockchains.
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According to Chief Executive Officer at EMURGO, Ken Kodama, the Cardano ecosystem has grown to a mature network with millions of native tokens already created on-chain. As a result, the strategic partnership between EMURGO and Cactus Custody will help more institutional investors join the Cardano network seamlessly.
“The partnership presents a tremendous opportunity to contribute to the vibrant Cardano ecosystem. Given the remarkable growth and sophistication of Cardano native assets, enterprises, developers, and users will require proven yet adaptable institutional-grade custody solutions that can scale with evolving needs. Our collaboration with EMURGO to provide fully compliant and robust custodial services reflects our ongoing commitment to invest and keep pace with the dynamic blockchain industry,” Wendy Jiang, Head of Cactus Custody, noted.
ADA Price Analysis and Forecast
Having confirmed a bullish rebound from the 2022 crypto bear market, Cardano’s price is well positioned to reclaim 50 cents in the coming few months. The 63 percent ADA price rally is well bolstered by the notable Cardano developments.
Additionally, ADA price on the weekly time frame is coming from a triple bottom and a bullish RSI divergence that hovered around 53 on Thursday.
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