Coinbase exchange obviously possesses major authority in the cryptoverse, which could have been easily determined with the Ethereum Classic listing announcement, immediately affecting the currency in a positive way.
After announcing the Ethereum Classic listing, Coinbase shared yet another announcement that stated that the exchange was exploring the probability of listing more digital assets.
On this occasion, Coinbase mentioned Basic Attention Token (BAT), 0x (ZRX), Stellar Lumens (XLM), ZCash (ZEC), and Cardano (ADA).
The announcement itself brought an increased momentum to the mentioned currencies, including Cardano (ADA).
So, we can’t help but wondering how Coinbase listing could affect Cardano (ADA) in the market, as well as within the means of the future development of ADA?
Coinbase Announces Cardano (ADA) for a Potential Listing
Once Ethereum Classic was announced to be listed on one of the greatest exchanges in the market, the currency immediately responded to the hype revolving around the statement, that way acquiring a brief rebound.
However, even outside the hype, Ethereum Classic seems to have been deeply affected by the Coinbase listing. Not only that ETC will get the increased exposure, now being available to around 20 million registered users that Coinbase currently counts within its user base, but ETC dev team also straightened their priorities.
Basically, what we have seen was somewhat a rebirth of Ethereum’s hard fork, going towards being more than “just a hard fork” with a renewed roadmap and well-established use cases that could help the crypto skyrocket in the time to come.
Soon after the announcement regarding the ETC listing, Coinbase announced that the team is considering several more currencies for listing, which also includes Cardano (ADA).
On the head with Charles Hoskinson, thanks to Ouroboros and ADA’s technology, Cardano makes up for one of the top promising blockchain projects, aiming to become the third generation cryptocurrency by solving the issue of scalability as one of the major problems that blockchain technology encountered along the way.
This is why it is no surprise that Coinbase is considering ADA for listing. Announced back in mid-June, ADA still remains under a question mark regarding the listing, which is the case because Coinbase needs to explore the asset a bit further than ETC, since Cardano (ADA) has different technology in oppose to Bitcoin (BTC) and Ethereum (ETH), while Ethereum Classic virtually shares its technology with Ethereum blockchain, from which was originally derived.
What Coinbase Listing Could Bring to Cardano and ADA?
One of the major positive consequences from getting a listing on Coinbase is getting the additional exposure to 20 million potential investors that can dive into new investment ventures once a new asset is listed.
Besides from gaining the increased exposure through more potential investors, Coinbase brings its listed cryptos to a more regulatory ecosystem, which makes the listed currencies more legitimate, not only in the eyes of investors but also in the eyes of SEC and the government.
Coinbase is one of the rarely regulated exchanges, which is one of the reasons why this exchange seems to be so “picky” with listings. Coinbase has a very strict framework that all candidates for listings and listed currencies have to go through and be successfully tested before being announced as officially listed.
That is why the currencies listed on Coinbase are always more accepted within regulatory factors, making these cryptos more easily suppressed to mass adoption, which is in fact what the majority of cryptocurrencies is looking forward to.
Although Coinbase also announced that they will be accepting free submissions for listings from all dev teams that should first get familiar with Coinbase Listing Framework, mentioning ADA separately from the announcement that all cryptos will be considered from now on provides a certain dose of significance to Cardano.
Cardano’s ADA already stands for one of the most promising projects in the blockchain space with great odds of becoming a huge deal in 2019, so Coinbase listing in combination with new developments could make a much-needed push for ADA in the market and in the sense of mass adoption.
Since Charles Hoskinson also announced that Cardano is looking for scalability solutions with a great chance of utilizing Sharding for scaling the network, ADA might be heading closer to the top 5 list, following cryptocurrencies like Stellar (XLM), which was also mentioned in the announcement provided by Coinbase representatives.