A purely digital payment network integrates Cardano’s ADA as a payment option.
The integration will allow over 40,000 merchants in the U.S. to accept ADA.
The price of ADA continues to fall even as Cardano plans for DeFi.
The native crypto of the Cardano blockchain network, ADA, has been added as a payment option on Flexa, a payments network.
Flexa announced via their official Twitter handle, noting that the integration will allow users to spend their ADA at over 40,000 locations where merchants use the Flexa network in the U.S. The announcement adds that users would have to download the platform’s mobile application, SPEDN to try out the feature.
The integration is part of a broader Flexa campaign, “25 days of Flexa,” in which it has also been the native tokens of other cryptocurrency networks and protocols that cut across various sectors of the crypto industry. These have included NFT, DAO, and Metaverse tokens.
Flexa boasts of being “the fastest, and most fraud-proof” purely digital payment network in the world. The platform claims to provide merchants with a simple way to accept cryptocurrencies securely. They recently announced a partnership with Regal Cinemas, a theater chain, that will see the company utilize Flexa to accept digital currencies for movie tickets. Part of their promotion for the integration of ADA includes a 20% discount for paying with ADA using the SPEDN app at the movie theaters.
Performance of Cardano’s ADA
The announcement is coming despite the fact that ADA has been having a bad run in the market. The native crypto of the world’s most extensive proof-of-stake blockchain network is down around 60.5% from its all-time high price of $3 reached in September. The past few weeks have been especially turbulent for ADA as the entire crypto market has also been struggling. The price of ADA has ranged from a high of $1.93 to a low of $1.20 as it has fallen 36.3% in the last 30 days.
ADAUSD Chart by TradingView
According to ‘Into The Block’, a cryptocurrency market intelligence platform, around 73% of the wallets holding ADA are at a loss. The outlook for the price does not also look good in the short term according to analysis from FX Street. In their analysis, they forecast a downward swing in the price of ADA.
However, in the long term, Cardano has had an impressive performance. Year-to-date, it is up 573.3%. This is one reason that investors and hardcore Cardano supporters are looking forward to the price of the asset continuing to climb as the ecosystem begins to see the deployment of decentralized applications on the mainnet. Several DeFi platforms are working assiduously to bring their platforms to the market on the Cardano network. Recently, one such platform, SundaeSwap, launched on a testnet basis.