As many of our readers might already be aware of, US-based crypto trading platform Coinbase announced yesterday that it was adding Stellar XLM to its list of supported assets. However, as soon as word of the announcement reached the mainstream, a swarm of investors turned their attention to Cardano ADA— a currency that has been witnessing a lot of positive price action and has been able to outpace most of its contemporary token offerings by a wide margin.
When looked at in more detail, we can see that ADA’s recent surge is primarily being driven by a “buoying effect” that has also affected the rest of the market— with almost all of the top-20 digital currencies by total market capitalization witnessing a double-digit appreciation in their value (since January).
Since the start of the year, a whole host of investors/ crypto enthusiasts have been eagerly waiting for Coinbase to announce its decision to finally list ADA on its exchange interface. In this regard, it is worth bearing in mind that during July of 2018, a spokesperson for the premier crypto trading platform released a statement claiming that the firm was all set to explore the possibility of adding five new cryptocurrencies to its native UI. Out of the five coins mentioned in this list, Cardano is the only one that has not yet been listed.
At this point in the article, it is also worth adding that both XLM and ADA offer Coinbase users with certain advantages— especially since both of these projects are primarily aimed to help “unbanked populations in developing countries”. Not only that, Cardano’s digital framework also shares a number of similarities with that of Ether’s. For example, the aforementioned digital assets have been devised to create an ecosystem whose use extends beyond that of international payments and monetary transfers. Lastly, it is also worth adding that the folks over at Cardano have been working closely with ETH co-founder Charles Hoskinson so as to help make this offering more appealing to the masses.
Other Key Points Worth Bearing in Mind
- Even though Coinbase seems to be pursuing an aggressive policy to add newer, more exciting offerings to its platform, there is no guarantee that ADA will be coming to the premier exchange anytime in the near future.
- All of the rumours surrounding Coinbase’s upcoming addition of ADA are based on the company’s decision to recently list XLM and XRP.
- Last but not least, many experts believe that XRP’s recent listing on Coinbase directly violates the firms guidelines for listing new currencies.
In rounding off this piece, it is worth adding that as things stand, a lot of investors are trying to cash in on the Coinbase FOMO (as well as new coin excitement that) seems to be gripping the industry at large. It now remains to be seen what the future has in store for us.