Cardano Partners with Brazil’s Biggest IT Firm – Can ADA Price Hit $2?

Brazil’s biggest state-owned IT company is teaming up with Cardano, and it could change how governments use blockchain. The Federal Data Processing Service (SERPRO) has partnered with the Cardano Foundation, opening doors for large-scale blockchain adoption.

But could this move push Cardano’s price to $2?

Cardano Expands Its Reach in Brazil

Cardano Foundation, the non-profit organization pushing for Cardano’s adoption, has announced a strategic partnership with SERPRO, Brazil’s leading government technology provider. 

SERPRO handles digital services for over 90% of the country’s federal administration. This means the collaboration could introduce blockchain to millions of users.

The partnership will focus on two major areas:

1. Blockchain Training: SERPRO’s 8,000 employees will gain access to Cardano Academy, where they’ll receive training and masterclasses on blockchain technology.
2. Government Integration: Cardano’s network will be integrated into SERPRO’s systems, potentially improving transparency and efficiency in public services.

SERPRO oversees more than 750 digital solutions, processes over 33 billion transactions annually, and manages vast amounts of government data. If Cardano successfully integrates with these systems, it could set an example for other governments to follow.

This isn’t Cardano’s first move in Brazil. In December 2023, the foundation partnered with Petrobras, the country’s largest petroleum company, to provide blockchain education to its employees. These steps highlight Cardano’s long-term goal of becoming a key player in government technology.

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ADA’s Price Outlook

Despite this major announcement, Cardano’s ADA token has struggled, dropping 8% in the last 24 hours to $0.88. However, according to analyst Ali Martinez, ADA has been forming a right-angled descending broadening wedge pattern since December 2023. 

As per Martinez, if ADA manages to break the $1.14 resistance level, it could trigger a price surge to $2.