Large-Cap Cryptocurrency Cardano Rallies After Receiving Unexpected Support From Coinbase


One large-cap crypto asset could be primed for an extended bullish rally after receiving support from top crypto exchange Coinbase.

In a new blog post, Coinbase reveals that its users can now deposit Cardano (ADA) into their Coinbase Pro accounts.

Support for the third-largest crypto asset will be available in all of the crypto exchange’s supported jurisdictions. Trading will begin on March 18th, on or after 9:00 AM Pacific time once liquidity conditions are met.

Following Coinbase’s announcement, Cardano broke out of its 15-day correction. The smart contract platform surged 28% in a span of 24 hours from $1 to a high of $1.29, according to CoinMarketCap.

Coinbase adds that ADA is only available on Coinbase Pro. The crypto exchange notes that it will make a separate announcement should it decide to list the altcoin on Coinbase.com.

The US-based crypto exchange also highlights that for now, it only supports withdrawals to one ADA wallet.

“At this time, Coinbase Pro only supports withdrawals to Shelley addresses (addresses that begin with addr1). Full support for all Cardano addresses (Byron & Shelley) will be enabled shortly.”

The Cardano listing comes days after Coinbase abruptly launched support for Polygon (MATIC), Skale Network (SKL), and SushiSwap (SUSHI). All three altcoins traded in green territory after getting listed on the crypto exchange.

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Featured Image: Shutterstock/Pavel Chagochkin





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