While Shelly is undoubtedly the most anticipated update in the Cardano community, with many expecting it to ignite a bull run for the altcoin, Cardano definitely has a couple of interesting updates and announcements for the coming days.
Cardano (ADA) To Be Used as Emurgo’s Base Currency
Use cases have always played a significant role in the growth of cryptocurrencies, with numerous adoptions considered a display of the project’s feasibility.
Becoming the base currency of a cryptocurrency exchange is not a feat every digital asset can reach, and Emurgo is offering Cardano (ADA) the opportunity of reaching that before the fall of 2018.
Emurgo is one of the parent organizations of Cardano, and the firm has indicated interest in partnering with Cardano’s research division, IOHK to create a cryptocurrency exchange which will use Cardano (ADA) as its base currency.
IronX will be the trade name of the new exchange, and similar to Binance, Cardano (ADA) will be used as the native token (the standard trading pair) on the exchange.
A public sale token sale is expected before the exchange goes live, and recent reports hint that Cardano and Emurgo have partnered with IronFX, an online forex platform as they play to raise about $22.3 million for the project.
According to the official website of IronX, the exchange will open with a market capitalization of $50 million. The Initial Coin Offering (ICO) of the exchange is set to begin on Thursday, 01 November, and run till December.
Being used as the native token for the exchange will mean that Cardano (ADA) will enjoy increased trading volumes, which in most cases plays a significant role for bullish outbreaks in the crypto market.
Trezor Prepares Cardano (ADA) Support
Great news for the Cardano community as popular hardware crypto wallet offering cold storage, Trezor prepares to roll out support for Cardano (ADA).
On October 23, the founder of Cardano, Charles Hoskinson tweeted via his personal account the roadmap of Trezor, further stating that the hardware wallet provider was preparing to support ADA.
According to Hoskinson, the Trezor wallet should support Cardano before November. It is only a day before November and there has been no official statement from Trezor or IOHK regarding the support.
The delay could be due to a number of issues, however, the wait will be worth it given that Trezor provides the highest level of security for the cold storage of cryptocurrencies.
Trezor is currently available across the globe with support for Monero, Ripple, Zcash, Zencash, and Stellar.
Market performance of Cardano (ADA)
While the news has been glitz and glam for Cardano, the market is still to tilt in the favor of the altcoin, as the bears continue to ravage the nascent industry.
The bears gained more momentum over the last week, pushing the value of ADA below the $0.073 mark which it had been the support level for the coin for a long time.
As at the time of this writing, Cardano, the ninth largest cryptocurrency has a trading value of $0.06959 following a slum of 2.25% of over the last 24 hours.