OKEx, the second largest cryptocurrency exchange by market volume, has announced the addition of ADA tokens, the native digital coin of the Cardano blockchain, to its platform. Cardano’s ADA is the eighth largest cryptocurrency in the world. This move could help the exchange gain a competitive edge over Coinbase.
New Addition Brings New Hope for Investors
OKEx informed investors about the move in a Friday blog post on its website. The post read:
“We are pleased to announce that Cardano (ADA) is now listed on OKEx. Please take note of the following go-live schedule: 1. ADA deposit – 16:00 Jul 20 (Hong Kong Time, UTC +8) 2. ADA spot trading (USDT, OKB, BTC, ETH Market) – 16:00 Jul 23 (Hong Kong Time, UTC +8) 3. ADA withdrawal – 18:00 Jul 24 (Hong Kong Time, UTC +8)”
With OKEx joining the league, ADA can now be traded on eleven exchanges. The other ten exchanges are Coinnest, HitBTC, Bittrex, Huobi, Upbit, CoinFalcon, Gate.io, Cryptopia, Indodax and Binance.
Cardano has received positive press in July. The founder of IOHK (one of the three lead developers of the blockchain), Charles Hoskinson, gave talks at Google’s London HQ and social trading network eToro lauded the network in a new research report. It said:
“Even though Cardano is still in its early stages, the complexity of the technology and the pace at which it is progressing is extremely impressive.”
The report even claimed that Cardano could herald blockchain 3.0, moving further from Ethereum and Bitcoin with its unique Proof-of-Stake mechanism at work.
The Race to Beat Coinbase Continues
The addition of ADA is not just for letting users trade as one of the top 10 cryptocurrencies in the world. It is also for winning the race to add the coin ahead of Coinbase. The largest exchange in the US, Coinbase, announced a week ago that it is exploring the addition of this coin to its platform.
The Hong Kong based exchange could possibly move to Malta, as announced in April this year. The new cryptocurrency laws adopted by the state could help the exchange carry out its business legitimately. Coinbase, on the other hand, is sporadically regulated by different states in the US and other countries. The exchange recently announced that it had been given the green light by the Securities and Exchange Commission and FINRA to acquire three firms and get a federal license to work as a broker-dealer. However, it retracted its statements just 24 hours later.