Cardano (ADA) Spikes by 20% as Coinbase Pro Adds Support for ADA on its Platform

Cardano (ADA) will be made available on Coinbase Pro starting March 18, at 9 am Pacific Time.

According to its blog post, Coinbase Pro will support ADA trades in all its jurisdictions. Once sufficient supply of ADA is met on the platform, the following trading pairs - ADA/USD, ADA/BTC, ADA/EUR, and ADA/GBP - will be made available. Per Coinbase Pro’s official Twitter announcement:

“Inbound transfers for ADA are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9 am PT on Thursday March 18, if liquidity conditions are met.”

Currently, the platform will only support withdrawals to Shelley addresses that begin with "addr1." Shelley is Cardano’s hard fork upgrade that enables the network to run according to a proof-of-stake consensus mechanism. Coinbase revealed that full support was to be expected shortly, as it was also working on making its platform interoperable with Byron addresses.

The announcement by Coinbase was enough to trigger a 20% spike for ADA. In addition to this, Cardano (ADA) was recently added to the Bloomberg Terminal, a software that provides analysts and professionals with real-time financial market data and trades. This will inevitably help expand ADA’s exposure to institutional investors and is bullish for the cryptocurrency.  

Cardano competes with Ethereum for DeFi

Cardano has had a lot of projects under its wing, with the Mary hard fork being recently implemented on the network. With the new upgrade, Cardano founder Charles Hoskinson has shared with Bloomberg his predictions - that this will result in at least 100 DeFi projects ditching Ethereum for Cardano.

Currently, Ethereum is the network that is most leveraged by DeFi protocols, but scalability issues and high gas fees have caused in many to exit the network and consider other options such as Polkadot and Cardano to host their applications.