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ADA gets a 20% price boost with Coinbase listing

Photo of: Joseph Stone
by Joseph Stone

It’s official. As of March 18, Coinbase Pro will support the Cardano blockchain token, ADA. The trading debut should benefit the booming crypto’s value.

Charles Hoskinson, the founder of the Cardano blockchain, is convinced of this. His network will very soon have all the weapons necessary to come and challenge the supremacy of Ethereum. Better still, a hundred companies are already in the starting blocks

Coinbase’s announcement is unrelated, but it should not fail to delight the head of Cardano, issuer of the ADA token. The crypto exchange is letting it be known that its Coinbase Pro marketplace will support the token as of March 18.

A consecration? Coinbase is constantly expanding the number of assets available on its service, which therefore allows users to trade tokens directly with each other. Coinbase Pro differs from Coinbase in this respect.

For the ADA, this is indeed a major first step nonetheless. The cryptocurrency is indeed not yet accessible on Coinbase.com and the mobile application of the exchange. The latter specifies that its support, if it occurs, will be the subject of a separate announcement.

The company therefore decides to launch the trading of the Cardano crypto first on Coinbase Pro. It will be effective worldwide, starting tomorrow, provided there is sufficient liquidity, the firm says.

Another technical clarification is that Coinbase Pro only supports withdrawals to Shelley addresses on the blockchain. “Full support for all Cardano addresses (Byron and Shelley) will be enabled soon,” the service mentions.

With this debut on one of the giants of the crypto market, ADA can expect to see its value rise further. A candidate for the Ethereum throne, Cardano recorded a 274% growth in February, CoinDesk recalls.

As a result, ADA is now positioned as the world’s 3rd largest cryptocurrency in terms of capitalization. It supplants Bitcoin Cash, Litecoin and XRP, the former No. 3 whose troubles with the SEC sank the value.

Two recent announcements further boost Cardano’s share price. ADA is now listed on the Bloomberg Terminal. And therefore also supported by Coinbase Pro. As a result, Cardano is up almost 20% in the last 24 hours.