Long Beach (CoinChapter) – Coinbase announced via a blog post that Cardano (ADA) will soon be available on its platform. Beginning immediately, they will be accepting inbound transfers of ADA to Coinbase Pro. If liquidity conditions are met, trading will begin on Thursday at 9am PT.
The move came in large part due to several Coinbase users requesting an ADA listing on the platform. Cardano is looking to take on a larger spot in the DeFi space and the recent implementation of the Mary Fork is helping to make that possible.
Founder Charles Hoskinson said that since the fork was implemented, at least 100 DeFi projects will ditch Ethereum and migrate to Cardano. The fork turned Cardano into a multi-asset ecosystem, and provided lucrative opportunities for many protocols in the DeFi-space.
The announcement has already had an impact on the price of Cardano surged by about 20%. Rising as high as $1.28, was the highest it has been since March 2.
Once sufficient supply of ADA is established on the Coinbase platform, order books will launch in three phases. Those phases are post-only, limit-only and full trading.
Only Coinbase Pro to Support Cardano (ADA)
The crypto exchange also added that ADA won’t be available on Coinbase.com or via their mobile apps. 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 later on.
Hoskinson called the addition of ADA to Coinbase “the beginning of a great relationship,” which he expects to continue in the coming years. He also added, “I’m so happy to see that announcement today. It’s been a long road. A lot of very hard work went into that.”
Cardano is a blockchain platform built on a proof-of-stake consensus protocol that validates transactions without high energy costs. Its native token, ADA, is named after the 19th century mathematician, Ada Lovelace.