en
Back to the list

Cardano Moves to 3rd Spot in Cryptocurrency Markets Thanks to Coinbase Pro Listing | CoinCodex

source-logo  coincodex.com 17 March 2021 09:14, UTC

Key highlights:

  • Coinbase Pro is listing Cardano (ADA)
  • Trading will start on March 18, provided there's sufficient liquidity
  • The Cardano price jumped by around 20% in response to the news, allowing it to overtake Binance Coin by market cap

Coinbase Pro is listing Cardano (ADA)

Major cryptocurrency exchange Coinbase Pro is listing ADA, the native asset of the Cardano blockchain. The exchange says that ADA trading will be available in all supported jurisdictions starting with 09:00 AM PT, provided that sufficient liquidity is established. At the moment, users can deposit their ADA to Coinbase Pro in preparation for trading. 

Alongside a Binance listing, a Coinbase listing is one of the most coveted developments for investors in any given cryptocurrency. A listing on Coinbase makes a cryptocurrency more easily accessible to a massive pool of users, as Coinbase has 43 million verified users. It also brings an additional fiat onramp for investing in the cryptocurrency in question.

Create Coinbase Account

Currently, the ADA listing is limited to the Coinbase Pro platform. ADA is not yet available on the more consumer-oriented Coinbase.com or the company’s consumer mobile apps. In most cases, however, assets initially listed on Coinbase Pro make their way to the company’s consumer offering a few weeks after the listing, and there’s a solid chance that the same will be the case for ADA.

The Coinbase Pro listing news has resulted in a significant price spike for Cardano, despite today’s anemic performance from the cryptocurrency market as a whole. The coin jumped by about 20%, which has allowed it to leapfrog Binance Coin and take the 3rd spot in the cryptocurrency market rankings. At the time of writing, Cardano has a market capitalization of $39.01 billion. 

Cardano is a blockchain project that started in 2015 and first went live in 2017. The Cardano project is developing a general-purpose blockchain platform with support for smart contracts, and are essentially positioning it as a competitor to Ethereum and other similar blockchains.

There is still some time to go before the platform will offer all of its planned functionality – at the moment, smart contracts are not supported on the Cardano mainnet. However, the project is still making steady progress. In July last year, staking was introduced to the platform through the Shelley hard fork. Earlier this March, native support for custom tokens was enabled through the Mary hard fork. 

coincodex.com