Crypto Exchange Bitfinex Adds Support For Cardano’s ADA Token

News | August 7, 2020 By:

Crypto trading platform Bitfinex has added support for ADA, the native cryptocurrency of the Cardano blockchain.

Established in 2017, Cardano is an open source decentralized public blockchain developed for smart contracts using a scientific philosophy. Last month, Cardano completed a hard fork that heralded the arrival of staking and delegation. For the first time, ADA holders can take part in the consensus of the Cardano protocol, and earn rewards for their participation.

ADA trading commenced on Bitfinex on August 6, with initial support for ADA/bitcoin (ADA/BTC), ADA/US dollar (ADA/USD), and ADA/Tether (ADA/USDT) spot trading pairs. According to Cardano, the listing of ADA trading pairs offers cryptocurrency traders and investors a new and trusted platform on which to buy, trade, and exchange ada tokens.

“As the ADA cryptocurrency becomes increasingly integral to the Cardano blockchain through the arrival of staking and delegation, it is essential that ADA holders have access to trustworthy and reliable exchanges on which to purchase tokens,” said Nathan Kaiser, Chairperson of the Cardano Foundation. “It is especially useful when, like Bitfinex, these exchanges reach a global and diverse audience—inviting participants from across the world to buy and transact ADA through a variety of fiat and digital asset trading pairs.”

The Bitfinex listing will also enable ADA holders to take advantage of Bitfinex’s trading infrastructure, low spreads, competitive trading fees, and market-leading liquidity. Bitfinex also provides prospective ADA holders access to a wide range of crypto-to-fiat on-ramps in multiple national currencies from around the globe, including British pound sterling, Japanese yen, US dollars, and more—which reflects Cardano’s growing importance across geographically diverse markets.

“Listing ADA trading pairs is a natural step for Bitfinex,” said Paolo Ardoino, CTO of Bitfinex. “There has always been interest within our community for us to offer ADA pairings, and at this historic time for the Cardano blockchain, there is more demand than ever before from the blockchain community for reliable and trustworthy exchange support for ADA trading.”