Coinbase Pro has listed ADA on its platform

Inbound transfers of Cardano to Coinbase Pro will soon begin
  • Coinbase Pro has added trading support for Cardano (ADA) on its most trusted trading platform
  • The withdrawals are only limited to Shelly addresses, whereas the exchange’s system will show errors if any user tries to withdraw in the legacy addresses
  • ADA pairs’ order books are expected to be introduced in three phases

Coinbase Pro, one of the most trusted cryptocurrency trading platforms, has listed Cardano (ADA) on Tuesday, March 16, 2021. According to the official announcement by Coinbase Pro, the trading of ADA will begin on or after 9:00 AM Pacific Time (PT) Thursday, 18th March 2021. However, it will only start after the liquidity conditions are met. Currently, ADA holders are allowed to transfer their holdings into their Pro accounts.

Why did Coinbase Pro list ADA on its platform?

Coinbase Pro has added trading support for Cardano’s native token ADA. As per the official announcement, Coinbase Pro receives users’ requests to enable trading for more digital assets. However, following the listing terms of the crypto exchange, it is observed that it will list more assets if only such assets meet its standards over time. Recently, the exchange has listed many assets, along with supporting additional European and United Kingdom order books. Indeed, the exchange is continuing to explore support for more new digital assets.

Withdrawals are limited to Shelly addresses

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Cardano has two types of ADA wallets, namely, Byron, the legacy address, and Shelly, the new address. For temporarily, it is known that Coinbase Pro will only support withdrawals to Shelly addresses that begin with “addr1”. However, it is expected that the full support for both Cardano addresses will be enabled soon.

If any user attempts to send ADA to the Byron address, the exchange system will automatically prevent that. Indeed, as the system will itself identify the wallets, the users don’t have to be concerned about which address they will be sending ADA tokens. However, it is also known that the exchange is supporting all deposits from all the wallets.

ADA pairs’ order books will be listed in three phases

Once a sufficient supply of Cardano tokens is established on Coinbase Pro, the order books will be launched. ADA/USD, ADA/BTC, ADA/EUR, and ADA/GBP trading pairs order books are expected to be introduced in three phases. The phases include post-only, limit-only, and full trading. However, the exchange has also clarified that it can hold the order book in one state for a longer-term if the book does not meet its assessment for a healthy and orderly market.

Is Cardano (ADA) available on Coinbase.com?

The token is only available on Coinbase Pro for now and not on Coinbase.com. However, It is expected that the exchange will announce separately after adding support to Coinbase.com.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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