Coinbase Pro Adds Support for Cardano’s ADA

Cardano ADA added to coinbase Pro

Coinbase Pro is adding support for Cardano’s ADA, with trading beginning Thursday once sufficient supply of ADA is established on the platform, the exchange announced Tuesday.

  • Trading will start on or after 16:00 UTC (12 p.m. ET) March 18 if liquidity conditions are met.
  • Coinbase Pro will only support withdrawals to addresses on the Cardano network’s decentralized Shelley hard fork.
  • Support for addresses using the previous, Byron, version will be enabled shortly, Coinbase added.
  • Aspiring Ethereum-rival Cardano gained 274% in February. ADA has become the third-most valuable cryptocurrency by market capitalization.
  • ADA was also added to Bloomberg terminals recently, potentially providing a large number of professional traders with exposure to the crypto asset.
  • At the time of writing this article, ADA was priced at $1.25, up 19.89%+ in the past 24 hours, and has a market cap of $39.44 billion.

 

Per Coinbases’s blog:

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for SushiSwap (SUSHI), Polygon (MATIC) and SKALE (SKL)The Graph (GRT)Aave, (AAVE), Bancor (BNT), Synthetix (SNX)Filecoin (FIL)NuCypher (NU)Wrapped Bitcoin (WBTC)Balancer (BAL), Ren (REN)Uniswap (UNI)yearn.finance (YFI)Loopring (LRC)UMA (UMA) Celo (CGLD)Numeraire (NMR)Band (BAND)Compound (COMP)Maker (MKR) and OmiseGo (OMG), along with supporting additional European and UK order books. Coinbase continues to explore support for new digital assets.

Starting immediately, we will begin accepting inbound transfers of ADA to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Thursday March 18, if liquidity conditions are met.

Once sufficient supply of ADA is established on the platform, trading on our ADA-USD, ADA-BTC, ADA-EUR and ADA-GBPorder books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

Cardano (ADA) is a blockchain platform built on a proof-of-stake consensus protocol (called Ouroboros) that validates transactions without high energy costs. Development on Cardano uses the Haskell programming language, which is described as enabling Cardano “to pursue evidence-based development for unparalleled security and stability.” The blockchain’s native token, ADA, is named after the 19th century mathematician, Ada Lovelace.

ADA is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading ADA on Coinbase Pro, visit our support page.

*Please note: At the time of asset listing, Coinbase Pro will only support withdrawals to Shelley addresses (addresses that begin with addr1). Full support for all Cardano addresses (Byron & Shelley) will be enabled shortly. Learn more https://help.coinbase.com/en/coinbase/getting-started/crypto-education/ada.

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