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.
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