Cardano Brazil Partnership: Good News, But ADA Price Tanks

• Cardano partners with SERPRO to modernize Brazil’s public sector with blockchain.
• SERPRO handles 90% of Brazil’s government systems, processing 33 billion transactions yearly.
• Cardano’s ADA sees 8.20% drop, with a market cap of $31.07 billion amid recent volatility.

On March 6, the Cardano Foundation announced its alliance with Brazil’s Serviço Federal de Processamento de Dados (SERPRO), a government-owned digital services provider. 

This partnership is all about bringing blockchain technology to Brazil’s public sector system.

Brazil Gov & Cardano: Blockchain for Public Services

With Cardano’s know-how in blockchain solutions, the partnership should support the modernization of Brazil’s government systems and boost transparency and efficiency in public administration.

Brazil is known around the world for its forward-thinking approach to digital governance. According to the World Bank, the country is ranked second globally in digital government maturity. SERPRO is key to this, providing tech solutions for over 90% of Brazil’s federal government systems. 

The company handles over 750 digital solutions, processes around 33 billion transactions every year, and takes care of over 30.4 petabytes of data across cloud platforms.

Blockchain to Expand Brazil’s Digital Network

The partnership between SERPRO and Cardano aims to use blockchain technology to grow Brazil’s digital network.

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By using Cardano’s cutting-edge blockchain solutions, the agreement will make public sector services better and ensure more secure and transparent processes within the government’s operations.

“Transformative Step” for Brazil’s Public Sector

Frederik Gregaard, CEO of the Cardano Foundation, noted the partnership’s importance, calling it a “transformative step” in changing Brazil’s public sector. He said that using blockchain technology could make government operations more efficient while giving citizens more transparency.

The partnership also comes after Cardano’s past collaboration with Petrobras, Brazil’s state-owned oil company. That earlier project focused on blockchain adoption and educational programs in the country.

ADA Price Dips Despite Positive News

Despite Cardano’s continued push for blockchain adoption in various sectors, its market performance has seen some bumps. In the last 24 hours, Cardano’s (ADA) price fell by 8.20%, with the token trading at $0.8822.

Source:
CoinMarketCap

Related: Cardano Forges Alliances with Major Blockchain Networks

Also, the market cap went down to $31.07 billion, along with a 9.76% decrease in 24-hour trading volume.

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