Crypto Exchange Coinbase Adds Support For Cardano’s ADA Token

Coinbase, one of the world’s largest cryptocurrency exchanges, has added support for ada, Cardano blockchain’s native cryptocurrency.

Established in 2017, Cardano is an open source decentralized public blockchain developed for smart contracts using a scientific philosophy.

The technical integration of ada into the exchange has been carried out using Coinbase’s Rosetta open standard. The listing marks another step forward after a year of remarkable momentum for the growth of Cardano functionality. From the success of its Incentivized testnet in December 2019, to its successful Shelley staking upgrade last year, making it 100 times more decentralized than the bitcoin blockchain and its Mary upgrade, which allows users to create tokens on the blockchain. Cardano’s smart contract functionality is currently being rolled out.

The listing is the continuation of an exciting few months for Cardano, including the launch of native tokens functionality, the continued growth of the Catalyst decentralized funding mechanism and inclusion on the Bloomberg terminal.

Charles Hoskinson, CEO of IOHK, said: “This marks another significant milestone in the development of Cardano, allowing Coinbase’s extensive user base to access ada for the first time.

“The months ahead will see us achieve many more milestones, including the continued expansion in the size of our advanced on-chain governance platform, Catalyst, which has already funded a number of proposals to enrich the Cardano ecosystem. We will also announce a number of industry-leading commercial partnerships which will provide real-world value to end users, and the continued roll-out of our smart contracts functionality, which will allow developers to write and deploy smart contracts on Cardano.

“We admire Coinbase’s continuing contribution to the open-source space of which Rosetta is a great example. Rosetta has the ability to interlink numerous blockchains under the hood, giving greater flexibility for institutions to manage numerous assets without spending months researching the various technical implementations. We look forward to working with the Rosetta team going forward to find better and more efficient ways for the industry to work together.”

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