Today, the three partner-backed Cardano blockchain has listed its ADA coin on BitMEX, one of the largest cryptocurrency exchanges.
The ADA listing on BitMEX comes in the form of a fixed date contract which allows traders to speculate on the changing value of the Cardano against Bitcoin. The exchange will also provide 20x leverage to those trading the ADA futures.
With this listing, BitMex has become the fifth crypto exchange to list the ADA coin after Bittrex, Binance, Coinnest, and Upbit. It also has plans to launch the coin at two more exchanges, Bitt and Cryptopia, according to Cardano’s official website.
Addressing this launch, Chairman of Cardano Foundation, Michael Parsons, said: “This new listing is indicative of Cardano becoming a truly global blockchain platform. We are excited to see Cardano list with BitMEX. Adoption of ADA by new trading platforms is reflective of the bright future that Cardano has as a leading blockchain platform.”
Charles Hoskinson, CEO, IOHK, said: “As markets evolve, there is an increasing need for liquidity and more sophisticated trading strategies. I’m glad to see BitMEX list ADA and hope this continues to aid our march towards becoming the financial stack for the developing world.”
As a promotional offer, BitMEX also launched a $100,000 giveaway to ADA traders, most of which it will distribute among the largest ADA coin traders and profit makers.
“The addition of ADA contracts on the BitMEX platform will further assist the cryptocurrency’s transformation into a truly liquid and tradable asset,” said Arthur Hayes, CEO of BitMEX.
What is Cardano?
Cardano is one of the most advanced blockchains available today, as it addresses three issues which have been troubling many blockchains – sustainability, scalability, and interoperability.
The Cardano blockchain is two-layered. The first layer is called the Cardano Settlement Layer, and it handles the balance ledger and basic transaction related computations. The second layer, called the Cardano Computation Layer, is where decentralized apps and smart contracts are built.
This multi-layer approach gives the blockchain the flexibility to develop without undergoing any forks.
The Cardano blockchain also has a proof-of-stake consensus mechanism, which the Ethereum Foundation is aiming to roll out this year with its ‘Casper‘ update.
This blockchain is developed by three firms together – Cardano Foundation, IOHK, and Emurg.
ADA on the exchange
With an excellent gain this year, Cardano (ADA) has become one of the top five cryptocurrencies, according to coinmarketcap.com. The token has gained over 4200 percent since its launch in October and more than 600 percent since mid-December. ADA coin is currently trading at $0.92 and holds a market cap of over $24 billion.