Cardano founder Charles Hoskinson has responded after Japanese financial giant SBI Holdings partnered with the Solana Foundation to build an on chain financial market in Japan.
The deal has fueled the criticism across the Cardano community, with many ADA supporters questioning why one of Cardano’s strongest markets is now backing a rival blockchain.
Why Are Cardano Holders Upset?
SBI recently announced its partnership with the Solana Foundation to develop stablecoins and tokenize real-world assets in Japan. The announcement quickly frustrated Cardano supporters because Japan has played a major role in Cardano’s history.
During Cardano’s early fundraising, nearly 90% of ADA’s initial token sale was completed by Japanese investors, making Japan one of the project’s biggest supporters from the beginning.
Following SBI’s announcement, Cardano community member Brandolf called the move:
“This is a blow in the face of the whole Cardano community.”
Many users also questioned why Cardano was unable to secure such a major partnership in one of its strongest markets.
Hoskinson Says “It’s Not His Job Alone”
Responding to a community user on X, Hoskinson rejected the criticism, saying that commercial partnerships require organizations with funding and a clear mandate.
“Why would it be? We started there, but we need commercial representation to make these deals.”
He simply said that if the community wants more partnerships, it should use Cardano’s treasury to fund organizations responsible for signing commercial agreements.
“If you want them, then pay for them. Use the treasury to finance an initiative and seal deals.”
EMURGO Talk Sparks Fresh Questions
The discussion soon shifted toward EMURGO, Cardano’s Tokyo-based commercial arm. Brandolf argued that EMURGO already exists to build business partnerships and regional blockchain projects in Japan.
Hoskinson responded that neither EMURGO nor the Cardano Foundation is under a contract that forces them to pursue specific commercial deals.
“They aren’t going to do it, and, like the CF, there is no contract to compel them. Stop complaining and assign it to someone else.”
ADA Price Slides 11.5%
Meanwhile, Cardano’s price has remained under pressure, falling 11.5% over the past week from around $0.1893 to nearly $0.1585.
Looking ahead, $0.1640 is the first key resistance level to watch. If ADA fails to break and hold above this level, the selling pressure could continue, pushing the price back toward its July 1 low near $0.1427.
cardano foundation
cardano foundation
Cardano Foundation is a non-profit entity based in Switzerland, which was founded in 2016 by Charles Hoskinson and Michael Parsons. With headquarters in Zug, Switzerland, the foundation provides support for developing, governing, and implementing the Cardano blockchain. In partnership with other members in the ecosystem, developers, enterprises, and regulators, the Cardano Foundation is involved in promoting blockchain innovation that is safe, transparent, and sustainable.
Based on peer-reviewed scientific research, the Cardano blockchain uses the Ouroboros proof-of-stake consensus protocol for the construction of an efficient and secure blockchain network. The Cardano Foundation focuses on ecosystem development through education, open-source development, strategic partnerships, and community governance.
Cardano Foundation Details:
Attribute
Details
Blockchain Network
Cardano
Native Cryptocurrency
ADA
CEO
Frederik Gregaard
Primary Focus
Ecosystem Development, Blockchain Governance, Education, Enterprise Adoption
Development Approach
Peer-Reviewed Research & Evidence-Based Engineering
Key Ecosystem Partners
Input Output (IO), EMURGO, Intersect
Supported Use Cases
Smart Contracts, DeFi, Digital Identity, Tokenization, NFTs, Supply Chain, Governance
Developer Resources
Documentation, APIs, SDKs, GitHub Repositories, Educational Resources
Global Presence
Supports projects, partnerships, and blockchain initiatives across multiple countries
Key Features of Cardano Foundation:
Endorses a blockchain platform that is peer-reviewed and designed for security, scalability, and sustainability.
Uses the Ouroboros Proof-of-Stake consensus protocol to make transactions fast and secure.
Adopts decentralized governance protocols through on-chain voting and community participation.
Provides open-source tools for building Web3 applications.
Works with corporate partners, governments, and universities to encourage the adoption of blockchain.
Builds useful applications in areas such as digital identity, supply chain management, education, and sustainability.
Cardano Foundation Milestones:
Year
Milestone
2017
Cardano Foundation formed, and Cardano mainnet (Byron Era) officially came into existence as a peer-reviewed Proof-of-Stake blockchain.
2018
Formed the Cardano Ambassador Program to enhance global engagement within the ecosystem.
2020
Initiated the Shelley Era that allowed the formation of decentralized staking and stake pools within the Cardano network.
2021
Launched the Goguen Era that introduced the concept of smart contracts within the Cardano network.
2022
Initiated the Vasil Upgrade to enhance network scalability and developer experience through global educational partnerships.
2023
Launched the Voltaire Era that enabled on-chain governance and community participation through voting.
2024
Enhanced on-chain governance and made efforts towards launching the Cardano Constitution.
2025
Launched Reeve for blockchain financial reporting and Veridian for digital identity management, as well as hosted the Cardano Summit.
Cardano Foundation Partnerships:
The Cardano Foundation works with different governments, enterprises, universities, and industry partners to foster the adoption of blockchain technology and the creation of practical use cases. The partnerships range from education, digital identity, supply chain traceability, sustainability, regulations, and enterprise blockchain solutions.
Some of the partnerships include SENAI São Paulo for training in blockchain technology in the industry, Swisscom Blockchain for building enterprise blockchain solutions, University of Zurich for conducting blockchain research and education, Veritree in blockchain technology for environmental projects, and Scantrust in supply chain transparency and product traceability.
info@cardanofoundation.org
Blockchain Network
Charles Hoskinson
Charles Hoskinson
at Ethereum
Charles Hoskinson is a prominent American entrepreneur and a visionary in the blockchain spaceHe also co-founded the Ethereum blockchain platform and founder of IOHK. He developed a Module proof-of-stake(Pos) blockchain that helps Charles scale and secure enterprise blockchain adoption.
Quick Facts
Full Name
Charles Hoskinson
Birth
05-11-1987 in Hawaii, United States
Nationality
American
Education
University of Colorado Boulder, Metropolitan State University of Denver
Marital Status
Unmarried as of 2025
Net Worth
Estimated to be around $700 million
Experience
Co-founder of Ethereum, contributing to smart contracts and Dapps in the year 2013.
Established IOHK ( Input Output Hong Kong) on the year 2014.
Developed and launched Cardano with the (PoS) model in the year 2015 to 2017.
Growth of Cardano's Web3, improving blockchain system I the year 2022.
Promoted insights about blockchain in Africa and other developing countries in the year 2023.
Promoted a digital identity control system, improving the Cardano network in the year 2024.
At present, driving innovation in blockchain DeFi and decentralized systems at IOHK.
Chief Executive Officer
