Platform Robinhood announces the inclusion of Cardano ADA in its list

by | Nov 5, 2022 | Altcoins, News | 0 comments

What is Robinhood?

Robinhood is an investing platform that enables customers to engage in trading without paying any commissions while doing it on the go from the convenience of their mobile devices. Even though their primary emphasis is on facilitating investments for their users in the conventional stock market, Robinhood included a cryptocurrency trading area on their website in 2017, at the height of the enormous bubble in the value of crypto assets.

This platform still has a long way to go before it can become a true bitcoin bank since users are not yet able to withdraw their cryptocurrency holdings to their wallets where they own the private keys. Although the integration of cryptocurrencies into Robinhood may be appealing for people who prefer to monitor all of their digital assets inside one app, this platform still has a long way to go before it can become a real cryptocurrency bank.

What is Cardano in the world of crypto?

Cardano is a distributed ledger platform that is open to the public. It is decentralized and open-source, with proof of stake serving as the mechanism for reaching consensus. It uses its internal coin, which it refers to as ADA, to make peer-to-peer transactions possible. Charles Hoskinson, who was also one of the founders of Ethereum, launched Cardano in 2015.

The cryptocurrency used on the Cardano platform is referred to as ADA. Ada Lovelace, a mathematician who lived in the 19th century and is widely regarded as the first computer programmer, was honored with the naming of Cardano’s coin. People pay the transaction costs associated with utilizing the site by making use of ADA tokens.

Robinhood to include Cardano in its list

According to a tweet published by the firm, the cryptocurrency Cardano ADA has been included as an official trading option on the Robinhood platform. The online brokerage form has just lately begun to add other cryptocurrencies to its trading platform, and ADA is the most recent addition to the list.

The listing comes just in time for the imminent Cardano Vasil Upgrade, which is anticipated to be live within the next month. The continuous controversy and instability of the cryptocurrency market have caused Robinhood to proceed with new cryptocurrency additions very carefully over the last several months.

The following currencies were introduced to the trading platform on Wednesday, making them among the newest additions to the listings:

  • Shiba Inu (SHIB)
  • Solana
  • Polygon
  • Compound

With the inclusion of Cardano on its platform, it would seem that Robinhood has left the door open for more cryptocurrencies to be included shortly. Some people believe that since the program hasn’t introduced any new cryptocurrencies in quite some time, the developers may soon begin adding even more new cryptocurrencies.

These are referred to as Polkadot, Cardano, Terra, and Avalanche, amongst other cryptocurrencies. As a result of the present bear market, which is being triggered by several issues, including a lawsuit filed by Celsius Network and concerns that Coinbase may declare bankruptcy, Robinhood is likely to be wary about adding new currencies right now. Nevertheless, the most recent batch of updates offers dealers of cryptocurrencies and users of Robinhood a reason to be optimistic.

Is purchasing Ada a wise financial move?

Cardano (ADA) is a cryptocurrency that has a value of around $0.55 per coin at the moment. In the summer of 2018, its price reached an all-time high of $3.10. As of August 2022, the coin’s total market capitalization is around $18.8 billion. Despite the sharp drop in value, which is typical for most cryptocurrencies as of late, growth may still be possible as a consequence of advancements made on the platform.

In the last year, Cardano has established itself as one of the digital assets that are the most active and busiest in the cryptocurrency market. Keeping all of this in mind, it is prudent to state that ADA is one investment opportunity that should be taken into consideration. Many industry professionals believe that Cardano will have a prosperous future in 2022.