Speaking at a panel held as part of Paris Blockchain Week, Cardano Foundation CEO Frederik Gregaard highlighted ADA’s contribution to the authentication and security infrastructure of the traditional banking system.
Gregaard stated, “What banks use today to secure themselves and verify their identities is the Legal Entity Identifier. Cardano (ADA) is the only blockchain that can do this, and we are also leveraging some architectural elements of Bitcoin in this process.” He argued that ADA could bring the standards used by traditional financial institutions to the blockchain world.
Gregaard said, “There’s a lot of work being done to bring Bitcoin to Cardano, programmable DeFi with BTC, using Satoshis as gas fees natively on Cardano… So you get programmability without leaving Bitcoin. That will unlock a lot of things.”
The CEO of the Cardano Foundation added, “Bitcoin has the superiority of UTXO and the superiority of its architecture… ADA borrowed some of these design principles. I think Bitcoin and ADA really work together very well.”
*This is not investment advice.
