The Cardano blockchain has now been integrated into the DFX.swiss platform, bringing its native token ADA to retail store payments.
Cardano Can Now Be Used To Pay At Certain SPAR Stores In Switzerland
As announced by the Cardano Foundation on its website, the Cardano blockchain has seen integration into DFX.swiss, a digital asset financial services platform based in Switzerland.
With the integration, ADA is now a part of Open Crypto Pay, a payments standard developed by DFX.swiss. “Through the integration of Cardano, customers can now pay with the cryptocurrency ADA in 137 SPAR stores across Switzerland,” explained the announcement. Open Crypto Pay also allows users to use their ADA from their native wallets directly at checkout.
SPAR is a Netherlands-based multinational franchise that provides licensing to independently owned and operated food retail stores. In Switzerland, there are over 350 stores using the branding, but currently, only 137 support payments with DFX.swiss.
According to the Cardano Foundation, Open Crypto Pay can help reduce transactions fees by around two-thirds compared to traditional card and payment providers. “This delivers not only technological innovation, but also clear economic value for retailers,” noted the not-for-profit organization dedicated to the cryptocurrency.
DFX.swiss also provides a direct bridge into the traditional banking infrastructure, enabling users to buy or exchange ADA directly into fiat currencies. Cyrill Thommen, DFX.swiss CEO, said:
With Open Crypto Pay, we demonstrate that Cardano is not only technologically advanced, but also delivers real value in daily payments – for both consumers and merchants.
ADA is now also integrated with the urble app, a savings platform created by Swiss FinTech Brick Towers. DFX.swiss announced a partnership with urble back in January. Ralph Hofacker, Co-CEO of Brick Towers, noted:
The combination of regulated infrastructure and user-centric applications makes it possible to implement saving and payments based on Cardano in a simple way.
ADA Has Declined While Other Digital Assets Have Rallied
Bitcoin and Ethereum have witnessed bullish price action during the past week, but Cardano has shown a different trajectory as the coin has gone down by more than 6% inside the window, reaching the $0.27 level.
Below is a chart that shows how the asset’s trajectory has looked over the past month.
The price of the coin seems to have overall moved sideways in this period | Source: ADAUSDT on TradingView
ADA’s lackluster price action has come as large investors have participated in distribution. Over the past week, whales on the network have shed 230 million tokens (worth more than $63 million right now) from their holdings, as highlighted by analyst Ali Martinez in an X post.
The recent trend in the holdings of the ADA whales | Source: @alicharts on X
Featured image from Dall-E, chart from TradingView.com
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Author: Keshav Verma
