Cardano founder Charles Hoskinson has responded to criticism from the ADA community over Japanese financial giant SBI Holdings' partnership with the Solana Foundation, dismissing complaints that the deal sidelines Cardano in a key market.
Community Backlash Over Japan Partnership
SBI Holdings recently announced a collaboration with the Solana Foundation to build an on-chain financial market in Japan, focusing on stablecoins and real-world asset tokenization. The news sparked frustration among Cardano supporters, who noted that Japan was crucial to Cardano's early success—approximately 90% of ADA's initial token sale was filled by Japanese investors. Some community members called the deal a major blow to Cardano.
Hoskinson's Blunt Response
Hoskinson took to X to address the criticism, stating that commercial partnerships do not materialize automatically. He emphasized that securing business deals requires funding and a dedicated organization with a clear role. "If you want it, you have to pay for it. Use the treasury to create initiatives and secure contracts," he said, implying that the community must build the infrastructure to support more commercial collaborations.
The debate also turned to EMURGO, Cardano's Tokyo-based commercial arm. Critics questioned why EMURGO had not secured similar deals. Hoskinson replied that neither EMURGO nor the Cardano Foundation is obligated to land specific commercial contracts. "They won't, and there's no contract to force them, like the Cardano Foundation. Stop complaining and leave it to others," he wrote, reinforcing that corporate partnerships require resources and execution entities.
ADA Price Under Pressure
Market sentiment has also turned bearish. ADA has fallen about 11.5% over the past week, sliding from around $0.1893 to $0.1585. The first key resistance level is near $0.1640. If ADA fails to break and hold above that zone, selling pressure could continue, potentially driving the price back toward the July 1 low of $0.1427. With the SBI-Solana deal stirring symbolic discontent, Cardano's near-term outlook hinges on restoring market confidence.