Cardano Foundation Partners with Draper University to Launch a New Founder Residency Program

Billionaire investor Tim Draper has announced a groundbreaking partnership between Cardano Foundation and Draper University, starting the Cardano X DraperU

Billionaire investor Tim Draper is tying the knot between Cardano Foundation and Draper University to launch the Cardano X DraperU Founder Residency Program.

The Layer 1 blockchain is expanding its wings further, and the application deadline for the program is March 1, with selections to be announced on March 15th.

Cardano and DraperU to Back UTxO-Based Bitcoin DeFi

Announcing the partnership on X, Draper said they will also be supporting UTxO-based startups building the future of Bitcoin DeFi.

Draper is a known crypto enthusiast and early Bitcoin investor. He is also a successful venture capitalist who has invested in several billion-dollar companies.

Charles Hoskinson, founder of Cardano, also spoke about Draper’s contribution to the crypto ecosystem.

“We are very excited to be partnering with @Cardano_CF for the @Draper_U x Cardano Founder Residency, where we will be supporting UTxO-based startups building the future of Bitcoin DeFi. Apply now: https://draperuniversity.com/programs/startup-founders-incubation-program/", said Draper.

$42K ADA Grant & 5-Week Residency at Draper University

According to the official program page, those who build on Cardano would get a 42K ADA grant (equity-free). The 5-week residency program will begin on March 31st and will take place at Draper University, where housing will be covered for the participants for the length of the program.

During the five weeks, the participants will receive technical training on Cardano blockchain development; workshops on entrepreneurship, product development, and fundraising; mentorship from industry leaders and networking opportunities; and a pitch day with venture capitalists and possible investment opportunities.

ADA Price Prediction: Testing Key Support

At press time, Cardano (ADA) is trading at $0.6627, down 3% in the last 24 hours, shows CoinMarketCap.

The ADA daily chart below indicates that the Relative Strength Index (RSI) is at 35.15, which suggests that sellers are mostly in control of the ADA price movement. The gradient of the line points to lower prices.

The ADA price action is currently testing the support at $0.6435 (the lower Bollinger Band). If it holds, the altcoin could try to breakout above the middle Band at $0.7478 and the upper Band at $0.85. If buying pressure increases, ADA could rally toward the $0.75 – $0.80 range, but if selling pressure continues, ADA may retest $0.64 – $0.63 before finding stability.