CEO Cardano: “Blockchain will help to avoid events like the Gamestop shares” - Bits Media

CEO Cardano Foundation Frederick Gregard (Frederik Gregaard) stated, that in the future, the blockchain will help to avoid restrictions on the trading of Gamestop shares and make the financial market more transparent.

Recall, that at the end of January, users of the Reddit forum "dispersed" the maintenance of the network Gamestop computer games stores, To institutional investors, Opening short positions on shares, received losses. Against this background, some trading floors, including the popular Robinhood application, Limited the trade in network shares. This caused a powerful flurry of criticism from the community, And Gregard believes, that the blockchain could help in such a situation.

He stressed, that Robinhood limited the trade in shares due to excessive demand and was overloaded with orders for the purchase and sale, as well as calculation processes. If these post-trading processes were performed using a public blockchain, then the "bottlenecks" in the calculations would be visible to all market participants, And everyone would see, Where exactly there is a lack of effectiveness.

As Gregard noted, The report of the audit company PWC says, that the technology “can reduce operational complexity and provide a single, Trusted data source ". Besides, blockchain could increase speed and efficiency due to the absence of intermediaries. He would not only speed up the processes of trade, but also make them more transparent for retail investors.

“There are many possibilities for integrating technologies, on joint work of traditional financial institutions and leaders of the decentralized industry. Cardano code is open and anyone can check it. This is only one application of our technology and we welcome innovation. ", - said Cardano Foundation CEO.

After the events with Gamestop shares on the “zero place” of the CoinmarketCap rating, a certain WSB token appeared. This is a fictional token, set by the service management ahead of bitcoin in support of Reddit users.