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Lykke will rely on Cardano blockchain and develop new products

As the Cardano Foundation announced in a press release yesterday, it will partner with Lykke Corp, a Swiss fintech and financial services company, on several initiatives. Lykke also operates an encryption exchange. Luc aims to combine the financial expertise of Cardano Foundation’s cooperation in blockchain technology and experience to strengthen the school’s financial service provision and strengthen its position in the market. The Cardano Foundation will work with Lykke to create a new framework for financial services and products. In the area of Organized Trade System (OTF), Lykke will rely on the Cardano blockchain and will develop new products and services based on Cardano.

As the press release further states, the
partnership will enrich the offerings of both organizations by combining
technology and expertise to create a new framework of products and financial
services. The collaboration is thus closely aligned with the core mission of
the Cardano Foundation to foster industry partnerships to drive Cardano’s
success, accelerate interoperability and create value for all Cardano
stakeholders.

Currently, Lykke Corp is in the process of
applying to the Swiss Financial Market Supervisory Authority (FINMA) for
approval, which, if granted, will significantly expand the operational scope
and range of financial products. The partnership with the Cardano Foundation is
designed to accelerate the introduction of new products by giving Lykke access
to “the industry leading Cardano blockchain”.

Both the Cardano Foundation and Lykke Corp
are keen about what lies ahead and the opportunities this partnership will bring
in the future.

Nathan Kaiser, Chairman of the Cardano
Foundation, stated in this regard:

Lykke Corp is one of Switzerland’s most
innovative blockchain financial companies and we are pleased to be partnering
with its expert team. Through this collaboration, both the 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. is involved in several
initiatives within the blockchain industry, including Lykke Blockchain Business
Services, the LyCI Digital Asset Index and the Open Initiative, a think tank
and fundraiser for blockchain-based solutions. Richard Olsen, founder and CEO
of Lykke Corp, said:

Cardano has all of the critical attributes
to become the blockchain of choice for banks— scalability, formal methods, and
a peer-reviewed code base. Our collaboration with the Cardano Foundation
enhances the organized trading facility (OTF) offerings of Lykke, and paves the
way for new Lykke products and services built and deployed on Cardano.

Author : Jake Simmons

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