Cryptocurrency Exchange Coinbase Pro Announces Support for Cardano
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Cryptocurrency Exchange Coinbase Pro Announces Support for Cardano

March 17, 2021      Deepshikha Gupta

Cardano (ADA) will now be available in all Coinbase’s supported jurisdictions. Starting from Tuesday, March 16, ADA was added to the Coinbase Pro account ahead of trading.  The token has jumped over 18 percent on the announcement, reaching $1.28 within the day, before cutting some of its gains. 

Coinbase Pro Supports Cardano ADA

As per the terms of the listing process, Coinbase has anticipated more assets to meet their standards over time. Most recently they have added trading support for SushiSwap (SUSHI), Polygon (MATIC) and SKALE (SKL), The Graph (GRT), Aave, (AAVE), Bancor (BNT), Synthetix (SNX), Filecoin (FIL), NuCypher (NU), Wrapped Bitcoin (WBTC), Balancer (BAL), Ren (REN), Uniswap (UNI), yearn.finance (YFI), Loopring (LRC), UMA (UMA) Celo (CGLD), Numeraire (NMR), Band (BAND), Compound (COMP), Maker (MKR), and OmiseGo (OMG), along with supporting additional European and UK order books, said Coinbase. 

“We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases,” Coinbase added. 

Cardano ADA blockchain platform

The Cardano ADA blockchain platform is built on a proof-of-stake consensus protocol. The transactions are validated without high energy costs. The native token of blockchain is ADA. However, ADA is not yet available on Coinbase. But Coinbase’s professional trading arm has already accepted inbound ADA transfers. Coinbase is yet to list the token. 

Coinbase says,

“Once sufficient supply of ADA is established on the platform, trading on our ADA-USD, ADA-BTC, ADA-EUR, and ADA-GBP, order books will launch in three phases, post-only, limit-only, and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”

Founder of Cardano and co-founder of Ethereum, Charles Hoskinson believes that the addition of ADA is “the beginning of a great relationship.” He expects to extend throughout the upcoming years. He further added, “I’m so happy to see that announcement today. It’s been a long road. A lot of very hard work went into that.”   

Coinbase Pro have also listed Polygon (MATIC), SushiSwap (SUSHI), and SKALE (SKL) on their platform last week.

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#Cardano (ADA) #Charles Hoskinson #Coinbase Pro Announcement #U.S. Cryptocurrency Exchange
Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.