Coinbase has officially added Cardano (ADA) token to the supported assets on the exchange’s professional trading platform, Coinbase Pro, as part of its latest order book expansion.
It is the latest move in a series of rapid expansion plays that the popular US cryptocurrency exchange has made as of late in an attempt to further widen its offering and legitimize a variety of new digital assets.
Touted as the ‘next big thing’ after Ethereum, Cardano (ADA) is a blockchain platform built on a proof-of-stake consensus protocol that validates transactions without high energy costs.
A stunning price rally has caused the token to explode from as low as $0.12 in December to around $1.23 as of writing. Cardano was enjoying a daily surge of 18 percent, with a total market cap of $38 billion and a 24-hour market volume of $8 billion, which is shown in the data by CoinMarketCap.
The ADA token is now ranked as the 4th largest crypto asset by market cap, and at one point in February had risen to rank briefly as the 3rd largest cryptocurrency, lagging only behind bitcoin and Ethereum.
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Coinbase Pro Relaunches Margin Trading
In a blog post, Coinbase revealed the launch would take place in four vital stages including transfer-only, post-only, limit-only and the final stage full-trading mode. Coinbase will post tweets announcing the stages separately.
Starting immediately, Coinbase will begin accepting inbound transfers of ADA and will open trading later on Thursday, March 18, if liquidity conditions are met. The exchange points out that the new coin will be accessible for users in all supported jurisdictions, which means it will also be available for residents of the state of New York.
“Once sufficient supply of ADA is established on the platform, trading on our ADA-USD, ADA-BTC, ADA-EUR and ADA-GBP. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” it said.
Strictly compliant with regulations, Coinbase, which has around 500 employees and nearly 43 million users, is one of the world’s most popular consumer-facing cryptocurrency platforms.
The mega crypto venue has recently re-launched its Margin Trading service on the exchange’s professional trading platform. Eligible traders can trade up to 3X leveraged orders on USD-quoted books, which allows users to amplify their trading results through borrowing money.