2021-03-17 08:36:03

Coinbase Pro lists Cardano as part of expanding its crypto offering

Leading San Francisco-based crypto exchange Coinbase Pro has added support for Cardano (ADA). Coinbase disclosed this news through a blog post on March 16, noting that it had started accepting inbound transfers of ADA to Coinbase Pro. The company went on to note that ADA trading is set to start on March 18 at 4:00 PM UTC if the coin acquires enough liquidity.

According to the blog post, the Coinbase Pro platform will let users trade ADA against four pairs. These are ADA/USD, ADA/BTC, ADA/EUR, and ADA/GBP. However, the coin will first have to amass ample supply on the platform. Like other Coinbase listings, ADA’s trading will go live after going through three stages. These are post-only, limit-only, and full trading.

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The publication added that if one of the above order books fails to pass the exchange’s evaluation for a properly-functioning market, it would remain in one stage for a longer period. Coinbase added that it might suspend trading on the order book altogether, based on its Trading Rules. 

To ensure users interested in ADA trading stay in the loop, Coinbase noted that it would post updates on Coinbase Pro’s Twitter handle as the books move through the various stages. While Coinbase only supported ADA withdrawals to Shelley addresses at launch, the exchange promised to enable withdrawals through Byron addresses soon.

In the announcement, the exchange said,

ADA is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

ADA records double-digit gains following listing news

For a long time, Coinbase has always had a positive impact on the price performance of the coins it supports, and ADA was no exception. Following the listing announcement, ADA surged as high as £0.9 before closing trading at £0.89. At the time of writing, the coin has maintained the bullish momentum and is up 26.05% over the past 24 hours to change hands at £0.92. 

ADA is currently the third-largest cryptocurrency, regarding market capitalization. The coin has a market cap of £29,646,117,029. 

This news comes as Coinbase continues expanding its crypto offering proactively due to customer demand. Eight days ago, the company listed Polygon (MATC), SKALE (SKL), and SushiSwap (SUSHI) on Coinbase Pro

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