Driven by increasing crypto community demand, Cardano Foundation, the legal custodian of the Cardano, announced on August 6, 2020, Bitfinex exchange would list Cardano’s third-generation native blockchain cryptocurrency ADA.
The listing will enable users to deposit ADA tokens on the Bitfinex wallet and start trading ADA tokens in spot pairs ADA/BTC, ADA/USD, and ADA/USDT with immediate effect.
ADA’s listing is a follow-up event of Cardano’s most significant upgrade to Shelley Mainnet, making it fully decentralized.
Benefits of Listing ADA on Bitfinex
Listing of ADA trading pairs on Bitfinex, which is one of the largest crypto exchanges in terms of daily crypto trading volume, will allow crypto traders and investors to trade, buy, and exchange ADA. Other than this, users can leverage Bitfinex for many purposes, such as:
- To access crypto-to-fiat pairing in multiple national currencies such as British pound sterling, Japanese yen, and US dollars.
- To buy ADA without first buying other cryptocurrencies.
- Capitalize on highly sophisticated trading infrastructure, competitive trading fees, and market-leading liquidity.
- Make use of direct digital asset-to-fiat trading pairs and margin trading.
According to Nathan Kaiser, Chairperson of the Cardano, Cardano’s ADA token holders desperately needed a reliable exchange like Bitfinex to purchase and transact ADA via various fiat and crypto trading pairs. He added that Bitfinex would also help ADA reach a global and diverse audience.
CTO of Bitfinex, Paolo Ardoino, said that the inclusion of ADA trading pairs on Bitfinex was inevitable with growing demand from its community for genuine exchange support for the trading of ADA.
The announcement of listing ADA on Bitfinex was well-received by the Cardano community. With ADA spot trading pairs, they are hoping for an increase in staking pool runners and stake deposits that might lead to an increase in ADA’s price to $1.
Cardano is a fully decentralized, open-source blockchain protocol with features like staking and delegation, full network decentralization, and smart contract capabilities. Riding on the success of being a truly decentralized blockchain innovation, Cardano promises to deliver an efficient approach to scaling and securing decentralized governance and blockchain ecosystems.
The crypto community is confident about Cardano’s ability to shift from centralized to decentralized governance in DeFi.