Canadian Graph Blockchain announces purchase of Cardano (ADA) for $300,000

  • Graph Blockchain bought $300,000 in Cardano (ADA). 
  • The company plans to continue to make other altcoin purchases to diversify its crypto portfolio.

In a press release, Graph Blockchain confirmed that it has purchased $300,000 worth of Cardano‘s native token, ADA. The transaction was completed on March 29 of the current year.

Based in Canada, Graph Blockchain is a blockchain development company for graphic data analysis and consulting services, implementation of data mining analysis through the use of graph databases and speed enhancements of blockchain control systems for businesses and government. The company serves the Babbage Mining Corp. which will be the “first publicly tradable altcoin Proof of Stake miner”.

Graph Blockchain CEO Paul Haber voiced “excitement” about the fund’s deployment in what represents the second token purchase the company has made. Furthermore, the company plans to make more capital allocations in altcoins to “diversify and grow” its crypto portfolio. Haber said:

As outlined in previous news releases, Graph believes that in 2021, there is the potential for smart contract platforms to implement solutions to facilitate mass adoption on decentralized blockchains. Cardano is widely believed to be just the project to accomplish this, and Graph is excited to add ADA, to the Company’s list of supported projects.

In conjunction with the capital allocation, the company has launched a stock option incentive program for a portion of its employees who will have access to the purchase of 12 million common shares.

Why Cardano?

In the statement, Graph Blockchain refers to the birth of the Cardano project. It notes that “the number of supporters and level of dedication has only grown since and currently Cardano has one of the strongest followings in the crypto community”.

In addition, the company emphasized that Cardano will soon introduce the Goguen era and with that smart contract capabilities, including the functionality for non-fungible token (NFTs) and development tools that give people with no previous technical knowledge the ability to write their own smart contracts.

As CNF reported, in mid-March Graph Blockchain already announced its plans to invest in Cardano and Polkadot. At the time, the company claimed that these platforms are an essential part “of the crypto ecosystem.” Something similar was done by equity fund FD7 ventures, which sold $750 million in Bitcoin to buy ADA and DOT.

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