Crypto billionaire and Founder of FTX, Sam Bankman-Fried has hinted that Cardano (ADA) could finally be getting its spot listing. The Altcoin is currently the only top 25 crypto without a spot listing on the FTX exchange,
FTX to List Cardano (ADA) Soon
A crypto enthusiast took to Twitter to complain that FTX has thus far refused to list Cardano’s native ADA token among its tradable coins, alleging that the exchange views Cardano “as a threat to everything FTX wants to control.”
Rebutting the allegations as false, FTX CEO Sam Bankman-Fried stated that he was willing to bet that ADA would be listed on the platform in the near future. The billionaire went on to say that spot ADA is also “on our roadmap.” SBF’s tweet read:
definitely not the case!we have https://t.co/mST1XOz1mv listed internationally; adding spot ADA too is on our roadmap— SBF (@SBF_FTX) October 23, 2022
Bankman-Fried explained that the absence of ADA was not an intentional slight, and that it was more a logistical issue than anything else. The FTX CEO explained that before the exchange can make any changes, they “still have to make sure we have good Cardano validator parsing for deposits/withdrawals.”
Will ADA Benefit from the Listing?
Citing its MVRV-Z-Score, crypto analytics firm Sentiment recently underlined that ADA is significantly undervalued, and the price of ADA has been steadily decreasing past its descending resistance line since August 2021.
The listing could provide a significant boost for the struggling ADA; while it remains unclear when FTX will eventually commit to adding support for ADA spot trading, based on Bankman-Fried’s comments, it could be within the next three months.
On the Flipside
- In a conflicting claim, Ben “BitBoy” Armstrong, a well-known crypto influencer, has alleged that FTX’s acquisition of Voyager could result in a forced liquidation of all ADA when the exchange takes over.
Why You Should Care
Bankman-Fried’s remarks have provided some level of clarification as to why ADA remains the only top cryptocurrency so far not listed on FTX.
Keep up to date with other recent updates from FTX in:
FTX (FTT) to Provide One-Time Compensation to Recent Phishing Attack Victims
Reasons why ADA needs a major boost are covered below:
Cardano’s (ADA) TVL Falls to New 8-Month Low as Vasil Fails to Attract Stakers – On-Chain Activity Rises