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Cardano (ADA) Surges 20% After Coinbase Pro Support

Cryptocurrency Mar 17, 2021 07:00AM ET
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Cardano (ADA) Surges 20% After Coinbase Pro Support

  • Coinbase Pro has adding support for Cardano’s ADA.
  • After the news announcement, ADA price surged by 20%.
  • Coinbase Pro will only support addresses from the Shelley era.

Coinbase Pro, the professional trading arm of Coinbase exchange, just announced that it will be listing Cardano (ADA). As a result, ADA price surged by at least 20%.

Source: TradingView

Starting now, Coinbase Pro will begin receiving inbound ADA transfers. If liquidity levels are met, ADA trading will begin on Thursday, March 18 at or after 9 AM Pacific Time (PT).

Once enough ADA supply is on the platform, trading will start. Supported ADA trading pairs will include ADA/USD, ADA/BTC, ADA/EUR, and ADA/GBP. Also, order books will originate in three phases; post-only, limit-only, and full trading.

Cardano (ADA) built its proof-of-stake (POS) blockchain on a consensus protocol called Ouroboros. The protocol validates transactions without high energy costs.

In addition, Cardano uses the Haskell programming language, which allows Cardano to pursue evidence-based growth for high security and stability. Cardano named its native token, ADA, after the 19th-century mathematician Ada Lovelace.

For now, Coinbase Pro will only support withdrawal addresses on the ADA network’s Shelley hard fork. However, support for addresses using the prior Byron version will be enabled shortly, Coinbase reported.

Notably, ADA was also recently added to the Bloomberg Terminal, thus providing many pro traders with exposure to the crypto asset.

Also, Cardano has received investments from the likes of FD7 Ventures. Of note, FD7 Ventures set aside $250 million to fund companies building solutions on Cardano and Polkadot.

At press time, ADA price was at $1.29, up 26.71% in the past 24 hours. In addition, the crypto has a market cap of $41.19 billion

This article first published on coinquora.com

Continue reading on CoinQuora

Cardano (ADA) Surges 20% After Coinbase Pro Support
 

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