Coinbase Pro to List Cardano: ADA Skyrockets 20%

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.

ADA/USD. Source: TradingView