Cardano Foundation has launched Reeve, a new tool that simplifies financial reporting and builds trust with verifiable financial data. The company disclosed this in a blog post on Tuesday.
In the announcement, the firm said the newly launched solution will pioneer next-generation accountability in financial data management. As announced, Reeve comes with functionalities that help enhance transparency, brand trust and reduce cost in carrying out financial audits.Â
More so, the foundation said the solution is based on the Cardano network. By that, Reeve will tap into the strengths of the layer 1 blockchain to address the risks connected with traditional platforms for financial reports.
With the backing of Cardano, the foundation said Reeve will be able to detect inaccuracies and fraud that could undermine the reliability of an audit. Meanwhile, the new solution connects blockchain technology with existing enterprise resource planning (ERP) systems to ensure seamless integrations for businesses.
As part of the launching effort, the Cardano Foundation said it is willing to collaborate with regulatory-friendly organizations including NGOs and public institutions that aim to realign their setup with blockchain innovation. In addition, the Foundation indicated its willingness to assist integrated organizations in addressing the technical bottlenecks that could hinder smooth integration with Reeve’s existing infrastructure.
However, in April 2025, Cardano unveiled Veridan, an open-source digital identity platform. According to a Binbits report, the tool is targeted at keeping users in control of their digital identity, delivering robust data security, and verifiable virtual credentials.
Side note on Cardano
It is worth mentioning that the launch of Reeve coincides with the recent poor market run of Cardano’s native token, ADA. According to CoinMarketCap, ADA in the last 30 days went down by 13%, while the token currently changes hands for $0.5811.
By that, ADA is currently the 10th largest cryptocurrency by market cap with about $20.57 billion. Despite controlling such massive value, Cardano has a limited impact in the decentralized finance space.
According to DeFiLlama, the layer 1 blockchain only holds $253 million in total value locked (TVL). The figure ranks Cardano as the 26th biggest blockchain in terms of TVL, way behind high-flying networks like Ethereum, Solana, Bitcoin, BNB, TRON, Base, Polygon, Aptos, and many others.
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