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Coinbase Pro Adds Cardano’s ADA causing a 20% spike

Coinbase Pro Adds Cardano's ADA causing a 20% spike
Cardano (Courtesy: Twitter)

Coinbase has added Cardano (ADA) token to the supported assets on the exchange’s professional trading platform, Coinbase Pro. It is a part of its most advanced order book expansion. As per the blog post, Coinbase declared on March 16 that it had launched inbound transfers for ADA, taking the initial steps in the multi-stage process to list the token. However, full trading will start on March 18. Once the platform witnesses adequate ADA supply, the following trading pairs ADA/BTC, ADA/USD, ADA/EUR, and ADA/GBP will be made accessible. Cardano (ADA) is a blockchain platform developed on a PoS consensus protocol that verifies transactions without high energy costs.

Recently, the platform only supports withdrawals to Shelley addresses that start with “addr1.” However, it will support Byron addresses soon. Shelley is Cardano’s hard fork upgrade that allows the network to function as per the PoS consensus mechanism. After establishing liquidity, order books will pass through post-only, limit-only, and full trading phases. This will possibly take a few days. Coinbase Pro had also listed SushiSwap (SUSHI), Polygon (MATIC), and SKALE (SKL) on their platform last week.

Cardano ranks as Fourth-Largest Crypto Asset 

Furthermore, the decision to list ADA was enough to trigger a 20% spike for the token. Cardano has a total market cap of $38 billion and a 24-hour market volume of $8 billion, according to the data by CoinMarketCap. The ADA token now ranks as the 4th largest crypto asset by market cap. It had grown to rank briefly as the 3rd largest cryptocurrency in February, inching only behind Bitcoin and Ethereum. In addition to this, Bloomberg Terminal, a software that provides analysts and professionals with real-time financial market data and trades, added Cardano (ADA).

Coinbase will shortly be listed on stock exchanges this month, going for a direct listing instead of an IPO. Direct listings are more affordable, faster, and dodge share dilution. This happens at a time when various cryptocurrency companies are considering going public. Shares of Coinbase were at a valuation of approximately $90 billion in a private auction. Additionally, when listed, it will utilize the ticker of ‘COIN.’ The exchange capitalizes on the crypto market’s heightened interest, which continues its massive rally with Bitcoin lately traversing $61,000.

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