Cardano (ADA) will now be accepted on Metaps Plus, a leading South Korea mobile payment platform. Metaps Plus has been hailed as “the first Asian cryptocurrency integration into mobile payment platform. Metaps Plus is a company in Korea that primarily focuses on providing infrastructure for cryptocurrency integration for both the existing platforms and on mobile apps.
News about this partnership was released early today. We could say the partnership comes at the right time for Cardano as it looks to establish ADA as one of the top coins in cryptocurrency.
The announcement, made by Emurgo CEO Ken Kodama, is crucial as it adds one more partnership to Cardano’s stable and gives ADA users in South Korea a chance to easily access the coins.
Metaps Plus CEO Kim Seungyeon commented on the deal, saying: “I am very excited to partner with EMURGO integrating Ada coin into Korea’s one of the biggest mobile payment platforms. We are simply focused on delivering incremental sales and value to our offline and platform partners along with Ada coin owners.”
The development highlights the importance of Emurgo to Cardano. The Japan-based company continues to play a vital role in efforts to integrate businesses and have Cardano deliver its product to the global market. One of its main goals is to bring on board commercial partners who would wish to leverage Cardano’s blockchain technology in their companies and industries.
The CEO of Emurgo also added that “… [this] partnership with Metaps plus will allow Ada to expand more rapidly and be recognized eventually as a new way for payment settlement in the Korean market.”
The crux of the partnership involves integrating ADA coin the company’s mobile marketing and mobile payment platforms. The best part is that Cardano’s native coin will be exposed to a mouth-watering market that boasts of about 1 billion mobile app downloads. Its easily one of the best deals a cryptocurrency could wish for in the quest for increased accessibility and adoption.
What’s the possible impact?
The expected impact this partnership will have on ADA can only be measured in line with what Metaps Plus has to offer. South Korea is one of the countries with the largest crypto investors and users globally. So, Cardano isn’t only getting access to a ready market, with 1 billion mobile app downloads and 10 million mobile-offline transactions. It’s also possible it will form a big part of the transactions in over 40,000 stores across the country. Metaps Plus is said to process a total of 10 million transactions, from mobile to offline.
The announcement by Emurgo also states that the Ada token is likely to be used in over 33,000 offline franchise stores. Other than that, it will be part of Metaps Plus’ promotions and partnership efforts by Q3, 2018.
Charles Hoskinson, CEO of IOHK commented by stating that South Korea is one of the countries that have a strong Cardano community. He also believes that the partnership is an opportunity that could see ADA end up being used for everyday purchases, further encouraging efforts towards adoption.
Cardano market performance
The entire cryptocurrency market is witnessing a mini-bearish trend, and this includes Cardano’s ADA. The crypto has seen recent gains cut, currently trading at $0.308 as shown on coinmarketcap.com. These prices are -9.01% lower than it was 24 hours ago. The ADA/USD price chart on the cryptocurrency ranking site also shows that its value sliding by -14.43% over the last 7 days.
Cardano’s market capitalization has also shrunk, dropping from $9.6 billion on 3rd to the current $8 billion. Likewise, its daily trading volumes have gone down, sliding from about $300 million worth of ADA traded on May 3, 2018, to about $142 million traded on May 8, 2018.
It should be cause for worry for investors, but it’s likely people are watching the charts and realizing its market-wide. The immediate outlook suggests that the coin will recover sufficiently to recoup the lost value. This will be especially true if interest in the coin doubles with the recent partnership with Metaps Plus. Cardano (ADA) has also been active lately, looking to lay the ground for a possible adoption of its blockchain solutions on the African continent. Given such, and a shift in market sentiment should see the crypto get back into the green and try to push up the rankings again.