ADA Rallies 20% After News That Cardano Will Be Listed On Coinbase Pro

Cardano’s native cryptocurrency ADA rallied by 20% earlier today after Coinbase Pro said it would list the token earlier today.

What Happened: The major cryptocurrency exchange said that it would begin accepting inbound transfers of ADA immediately. However, trading is only set to begin after 9 AM Pacific Time on March 18.

Once a sufficient supply of ADA has been established, Coinbase will launch the ADAUSD, ADA-BTC, ADA-EUR, and ADA-GBP trading pairs.

Why It Matters: Although ADA is one of the largest cryptocurrencies by market cap, currently ranking third after Bitcoin and Ethereum, it has thus far not been listed on Coinbase Pro. 

Trading will only officially begin on Thursday, but the news of the listing itself has propelled ADA to $1.26 after a few weeks of trading sideways.

Cardano is a proof-of-stake blockchain that was created in 2017 with the aim of “redistributing power from unaccountable structures to the margins to individuals.

See also: How to Buy Coinbase IPO (COIN) Stock

”The blockchain has earned a reputation as an “Ethereum killer," often being positioned as a network that competes with the Ethereum blockchain having being built to address several scalability issues that Ethereum faces.

Cardano’s native token ADA has returned over 600% year to date, and after several network updates were introduced this year, market participants were optimistic about the project’s future.

The project was founded by Charles Hoskinson, one of the co-founders of the Ethereum network. Hoskinson took to Twitter to welcome Coinbase to the Cardano family earlier today, saying, “It’s great to see this finally announced. On behalf of the Cardano community, welcome to ADA nation.”