Cardano founder Charles Hoskinson has responded to community frustration after Japanese financial giant SBI Holdings partnered with the Solana Foundation to build a blockchain-based financial market in Japan. The deal has sparked significant criticism among Cardano supporters, especially given Japan’s historical importance to the project.
Why Are Cardano Holders Upset?
SBI Holdings recently announced a partnership with the Solana Foundation to develop stablecoins and tokenize real-world assets in Japan. This news was met with disappointment from the Cardano community because Japan has been a cornerstone of Cardano’s growth. During Cardano’s early fundraising, nearly 90% of its initial token sale was completed by Japanese investors, making the country one of the project’s biggest backers from the beginning.
Following SBI’s announcement, Cardano community member Brandolf described the situation as a blow to the entire Cardano community. Many users questioned why Cardano, which has a strong presence in Japan, could not secure a similar partnership instead of a rival blockchain like Solana.
Hoskinson Says It’s Not His Job Alone
Responding to a community user on X, Hoskinson rejected the criticism, stating that commercial partnerships require organizations with funding and a clear mandate. He argued that Cardano started in Japan but now needs commercial representation to make such deals happen. Hoskinson suggested that if the community wants more partnerships, it should use Cardano’s treasury to fund organizations responsible for signing commercial agreements.
He added that people should stop complaining on social media and instead finance initiatives that can seal deals. Hoskinson dismissed the idea that it was solely his responsibility, saying, “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 quickly 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. However, Hoskinson responded that neither EMURGO nor the Cardano Foundation is under a contract that forces them to pursue specific commercial deals. He said, “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.”
Meanwhile, Cardano’s price has remained under pressure, falling about 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, selling pressure could continue, potentially pushing the price back toward its July 1 low near $0.1427.
