Wootrade announced new support on the network. Wootrade’s network will support ADA tokens. The new announcement is good news for both Cardano and WOO community. Wootrade also talks about collaborations with Cardano Foundation and the Cardano ecosystem as a whole. The exchange believes that Cardano can lead the way towards more efficient digital asset trading.
Working on Improved Capital Markets
Cardano community is working hard to provide more efficient solutions in terms of tokenization and financial use-cases. The latest hardfork with token registry update was a piece of excellent news for the community that brought much attention to the Cardano blockchain, too.
Working with other companies and blockchain active players is another step for this blockchain to move faster towards its goals. Wootrade is the latest partner to join the movement. It will start ADA token at first and plans to work more with Cardano Foundation, as well as the whole ADA community, in developing financial infrastructures.
The latest support for Cardano from Wootrade is based on many facts. Wootrade believes the Cardano community is very serious about developing a scalable public blockchain. The latest announcement focuses on recent advancements in the Cardano blockchain, including the token registry program. Wootrade believes the token registry system on Cardano has many potentials in revolutionizing the DeFi ecosystem in this blockchain.
Wootrade will work with the Cardano community in terms of a professional trading environment on the blockchain. It focuses on liquidity providing and other facilitators that can help Cardano become a DeGi-focused blockchain shortly. The first step of collaboration between Wootrade and Cardano Foundation is supporting ADA and making it accessible to Wootrade customer networks. According to the announcement:
“Wootrade is actively exploring how best to work with the Cardano Foundation and independent projects building on the blockchain. As a first step, Wootrade is making Cardano’s native ADA accessible to the 20 institutions and exchanges using the network for liquidity support and as a primary venue for trading. This includes WOO X Beta, a first-party trading platform that attracts professional and active traders through commission-free trading.”
The collaboration with Wootrade surely helps Cardano find more liquidity as the strategic steps in this blockchain emerge. More liquidity means more trades can use upcoming Cardano financial solutions. ADA will be supported on WOO X Beta and starts the first steps of professional asset trading for the Cardano community. When DeFi features become ready on Cardano, we can expect many projects to emerge on the blockchain. It will result in more customers needing trading opportunities like what we see on Wootrade.