Cardano’s native cryptocurrency, ADA, has seen a successful initial launch on Coinbase, the largest digital currency exchange platform in the US.
It was initially announced that inbound transfers of ADA to Coinbase wallets would begin for Coinbase Pro users on March 16, with trading planned for March 18 so long as liquidity conditions were met.
Coinbase followed this up with a second announcement on March 19 that ADA was now available on their exchange for all Coinbase users.
Charles Hoskinson, the founder of Cardano, has commented that this as a significant milestone for the open source blockchain platform as it is the first time the ADA coin has become available to such a massive number of users.
With more than 43 million users, Coinbase’s listing of ADA will help towards bringing mainstream recognition to Cardano. Following the first announcement, the price of ADA increased by 50% for a short period.
ADA’s technical integration into the exchange was carried out using Coinbase’s Rosetta open standard, which IOHK – the company developing Cardano – is now planning to use as one of its general purpose integration tools with other blockchain-based companies.
This listing marks another step forward after a year of considerable momentum for the growth of Cardano’s functionality. From the success of its incentivised testnet in December 2019, to its successful Shelley staking upgrade last year, to its Mary upgrade on March 1 this year which allows users to create tokens on the blockchain.
Cardano’s smart contract functionality – under the roadmap name of Goguen – is currently being developed and will bring the ability to develop decentralised applications (DApps) to the network, enhancing its practical capabilities substantially.
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