Coinbase Pro to List Cardano: ADA Skyrockets 20%

The price of Cardano (ADA) jumped by nearly 20% after news broke that the US-based exchange Coinbase Pro will list the asset on its platform if liquidity conditions are met.

The largest cryptocurrency trading platform based in the US, Coinbase, has announced the addition of the fourth-largest digital asset by market cap, Cardano (ADA), on its Coinbase Pro version. Inbound transfers are already enabled, while trading will launch “on or after” 9 AM Pacific Time on Thursday, March 18th. 

  • The San Fransisco-based crypto giant released a statement earlier today informing that Coinbase Pro users will be able to buy, sell, or store one of the most popular digital assets lately – ADA.  
  • The statement informed that trading will begin on or after 9 AM PT Thursday “if liquidity conditions are met.”  
  • More specifically, this means that ADA would require a sufficient supply established on the trading venue. Once that’s achieved, Coinbase Pro will provide several trading pairs – ADA/USD, ADA/BTC, ADA/EUR, and ADA/GBP. The order books will launch in three phases – post-only, limit-only, and full trading. 
  • The company said that if one of the order books doesn’t meet its assessment for a “healthy and orderly market,” Coinbase could “keep the book in one state for a longer period of time or suspend trading.” 
  • It’s worth noting that ADA is available only on Coinbase Pro and not on Coinbase.com or any of the mobile applications. Once those are enabled, the company will make further clarifications. 
  • Additionally, Coinbase Pro will initially support withdrawals only to Shelley addresses (beginning with addr1), while the firm will provide full support “shortly.” 
  • Although ADA’s listing comes with several initial limitations, the news had an immediate positive effect on the asset’s price. It traded at $1.07 before it exploded by almost 20% to a daily high of $1.26. The hype has declined slightly, and the cryptocurrency sits at $1.22 as of writing these lines. 
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ADA/USD. Source: TradingView
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