Is Cardano (ADA) The Perfect Fit For Coinbase Listing?
What makes Cardano (ADA) perfect for listing on Coinbase?
By Mid- March, Coinbase had made no decisions to add any new assets to either Coinbase exchange or to the GDAX platform.
That has stopped investors and crypto enthusiasts from asking that many more assets are added to the US-based site. After it was apparently made clear that the leading Exchange would not be adding XRP any time soon, it’s time to ask whether Cardano (ADA) isn’t the perfect fit for Coinbase listing.
This is a recent reply to one of the most FAQ about listing of new assets on the exchange:
Of course, it is understandable that the site has its own procedure and framework for evaluating which digital assets merit being added to the platform. It could be one of the coins under consideration and thus could end up being listed in due time.
Bottom line is, why does Cardano’s project merit that consideration? Does it have the capacity to be in the same league as Bitcoin, Ethereum, and Litecoin? I think it does. The following criteria are set by CB for the sake of evaluating assets.
This is an easier one for Cardano. It is one of the projects that do not fall foul of the Securities and Exchanges Commission (SEC) requirements. It is an open-source public blockchain that operates within the AML/KYC compliance requirements and thus won’t affect the exchange’s standing with the law. ADA doesn’t fall under securities. On this merit, it qualifies to be listed on Coinbase.
Market demand and supply
This is actually the one reason that makes ADA a perfect fit for listing on all the major crypto exchanges, not just Coinbase.
Over a period of just 7 months, since it started trading, Cardano is now a top 10 project, ranked 7th. ADA coin has performed well enough over the last few months its market cap rising from about $600m to top $30B in January.
Even though the market crash shrank its value and cap to $4 billion, it has grown over the last two months to top the current $8 billion.
It also has high trading volumes over a number of exchanges. In fact, as one of the factors CB considers in determining whether to add a coin or not, being listed on other major exchanges means that Coinbase is the last hurdle towards wide adoption.
The coin is also paired with a number of another crypto including BTC, ETH, BNB, and USDT.
Community involvement in the Cardano project
Cardano is the first ever cryptocurrency to be created from a peer-reviewed code and has a very transparent way of doing things. The Cardano community is one of the best, judging by their social media presence on Reddit, Telegram, and Discord among other channels.
ADA holders participate in the development of the project via the Cardano Library. The open suggestions made by the community are voted upon by investors or holders of the ADA coin before they are taken up by the development team. This has given the platform transparency, one of the features CB wants to see in a project.
I mention this because a wallet makes it easy for the community to access the crypto asset. The Cardano wallet is among the most secure and syncs very fast when using for the first time.
It has a lot of added functionality compared to other wallets, like the ability to manage a number of assets and doesn’t bog you down with terrible interfaces or huge fees. Other than that, having its own wallet means ADA holders find it easy to trade crypto.
Rapidly expanding market
Cardano is one of the fastest growing coins in the cryptocurrency industry. It is likely to grow beyond some of the top coins at the moment. In terms of whether ADA has demand in the market, one has to look at the growth pattern of its market capitalization.
The demand for ADA is so huge at the moment; it would guarantee the trading platform huge revenues from pairing ADA/USD. The coin has a huge following in one of the prime markets for the cryptocurrency. It has major support in South Korea and China. Adding it, therefore, would do much good to the involved parties, success being the keyword.
It is, without doubt, a doubt that the ultimate decision rests with Coinbase, though one may have the feeling that Cardano (ADA) could be a perfect fit for the trading platform.