Cardano’s (ADA) price rose 20% after news that Coinbase Pro will list the asset on its platform if liquidity conditions are met.
The largest cryptocurrency trading platform based in the United States, Coinbase, announced the addition of the fourth largest cryptocurrency by market capitalization, Cardano (ADA), in its Pro Coinbase version. Inbound transfers are already enabled, while the negotiation will be launched “at 9am or after”, Pacific time on Thursday, March 18.
The San Francisco-based crypto giant released a report communication today stating that Coinbase Pro users will be able to buy, sell or store one of the most popular digital assets today.
The statement informs that negotiations will begin at 9:00 am Pacific time on Thursday, “if liquidity conditions are met”.
More specifically, this means that the ADA would require a sufficient supply established on the trading platform. Once this is achieved, Coinbase Pro will provide several trading pairs – ADA / USD, ADA / BTC, ADA / EUR and ADA / GBP. The order books will be launched in three phases – post only, limit only and full negotiation.
The company said that if one of the order books does not meet the assessment of a “healthy and orderly market”, Coinbase could “keep the portfolio in one state for a longer period or suspend trading”.
It is important to note that ADA is only available on Coinbase Pro and not on Coinbase.com or any of the mobile apps. Once qualified, the company will make further clarifications.
In addition, Coinbase Pro will initially support withdrawals only for Shelley addresses (starting with addr1), while the company will provide full support “soon”.
Although the ADA listing comes with several initial limitations, the news had an immediate positive effect on the asset’s price. It traded at $ 1.07 before it exploded by almost 20%, to a daily high of $ 1.26. The hype has eased slightly, and the cryptocurrency is at $ 1.22 at the time of writing these lines.