Is Cardano (ADA) Coming To Coinbase? It’s A Wait And See Game
It is said that Coinbase is the holy grail of cryptocurrency exchanges. And then they also say Cardano (ADA) is the next coin to be listed on the site.
Cardano (ADA) has continued to be linked with a listing on the US-based Coinbase, perceived the last bridge to total market visibility. Exposure on the reputable site means a coin or project gets on a platform with over 10 million users and more in an emerging US market.
Why hasn’t the site listed Cardano? The answer to this question could be the reason rumors keep surfacing every other day.
It remains so, even as the exchange maintains it has no plans to add any new assets on the site in the short term. A tweet dated March 5th, 2018 on their official Twitter states that:
“Our January 4th, 2018 statement continues to stand: we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
But this hasn’t stopped speculation that ADA was next in line for listing on the market. And it’s easy to see why there’s no other way to look at this scenario. Coinbase is a business and like any other faces stiff competition from others in the fast-rising industry.
To continue dominance, especially in the US market, it must at some point consider adding new assets to its market. At the very least, any other way of dealing with this could open up doors for competitors, threatening its own market.
Perhaps even more pertinent is the fact that Cardano fully merits being listed on Coinbase, having established itself in the top market besides fulfilling all the requirements for eligibility onto the coveted site.
The rumor that ADA was to be listed surfaced immediately Coinbase announced that they would be making considerations to support the addition of ERC-20 token assets.
Among the top two coins to garner a lot of interest was ADA and XRP. While the controversy surrounding Ripple’s efforts to get on Coinbase has pushed it much further from the aforementioned addition, investors and crypto experts believe Cardano has the chance to be added to Coinbase.
Most in the crypto industry look at the Cardano project and what it can do and believe that getting on the US-based site is long overdue. The top question has always been “when” does Cardano finally get on Coinbase and not “if” it will ever happen.
Cardano is a unique project whose team has done really well to steer it towards the top. The 6th ranked coin has a market cap of 9.3 billion, surpassing Litecoin as it continues to grow.
This fulfills one of the factors Coinbase purportedly looks at in its assessment of suitability. And to show that ADA is perfectly suited for this listing, it further is compliant with legal requirements that it should not be classified as a security. Coinbase says this on its blog about how a digital asset ends up being added to the site:
“If the asset passes by the legal and risk review, the recommended asset is presented to the Coinbase executive team for approval.”
The question here would be whether they have conducted the assessment on Cardano. If it has happened and ADA complies as is expected, then the next step should follow. Coinbase says that after this stage;
“If approved by the executive team, the asset selection committee promptly announces which new asset will be added to our platform.”
So, is Cardano (ADA) coming to Coinbase? Or is it going to remain a wait and see game? If you ask many cryptocurrency enthusiasts, this decision is something that the exchange and all its evaluation team should have made a while ago.
Meanwhile, ADA’s price continues to rise in the market. Today the coin is trading in an uptrend, gaining close to 9% in the 24-hour charts and +30% in the 7-day period. Crucially, its market cap has also surged by $1 billion ahead of Litecoin in 7th position.
At the current trend, the $0.371 value against the US dollar is capable of rallying to hit $0.5 before the week comes to an end. With such a solid product and equally matching team, expect the crypto to hit new highs, possibly surpassing the $1 range before long. It would be even terrific if Coinbase were to make the decision to list ADA.