Cardano’s native token ADA is now available to Coinbase retail traders, days after being listed on Coinbase Pro. Users can now buy, sell, convert, receive and store the funds in ADA.
ADA is currently the third-biggest cryptocurrency, with a market valuation of almost $42 billion, based on data by CoinGecko. The San Francisco-headquartered crypto exchange announced the listing on Friday.
Coinbase will offer the following trading pairs: ADA/BTC, ADA/USD, ADA/EUR, ADA/GBP.
Cardano (ADA) has had a strong start to the year as it breached past the psychological $1 boundary and registered an all-time high at $1.50.
The solid 590% year-to-date rally occurred as the network shifted into a multi-asset network, similar to Ethereum, and this could mean a stable future for Cardano.
Supporters of the ADA cryptocurrency have long expected a Coinbase listing. ADA is up around 3% in the last 24-hours, trading at $1.30. In the last 24 hours, the token has hit a 15.4% gain in the last seven days.
ADA notched an all-time peak in late February when the crypto reached $1.45. Charles Hoskinson, Cardano inventor and IOG chief executive officer, hinted on many occasions about announcements and partnerships that have propelled the advance. The listing with Coinbase was one of them.
ADA outperforms its rivals
As ADA’s price soared, so did its spot trading volume and on-chain transfers, which topped Litecoin (LTC). The heightened adoption from investors also resulted in Cardano’s futures contracts’ open interest to climb fivefold so far this year.
“This marks another significant milestone in the development of Cardano, allowing Coinbase’s extensive user base to access ADA for the first time,” Coindesk quoted Hoskinson as saying in a statement.
ADA hit a $98 billion trading volume this year, overtaking Polkadot (DOT), Ripple (XRP), and Litecoin, according to figures by Nomics transparent exchange volume.
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