Cardano Is Now Listed On Robinhood: What You Need To Know

Robinhood HOOD announced the listing of Cardano ADA/USD to its platform Thursday. 

With a $15.3-billion market cap, Cardano is ranked No. 8 on Coinmarketcap. Its purpose as a platform is to be as environmentally friendly as possible by employing a proof-of-stake (PoS) system, which consumes less processing power than competing proof-of-work models.

Transactions are resolved on Cardano's first layer, similar to Bitcoin BTC/USD, and smart contracts are performed on Cardano's second layer, similar to Ethereum ETH/USD.

Cardano's native currency, ADA, is used to pay transaction fees as well as to allow users to participate in Cardano's PoS.

Following the announcement, the token immediately rose by 4.3%. At the time of publication, Cardano is trading at 44 cents, down by 2.5% over the last 24 hours.