Chinese Exchange Huobi Adds Japanese Cardano (ADA) Coin Fueling Market

Industry 1 min, 37 sec READ

by Gabrielo Banks

International exchange Huobi added new Cardano trading pairs on April 16th, 2018, lending ADA traders some optimism after a tough first quarter.

On April 16, 2018, Chinese exchange Huobi opened trading for three Cardano pairs: USDT/ADA, ETH/ADA, and BTC/ADA. The popular exchange, founded by Leon Li in 2013, primarily trades large market cap coins and tokens that are popular among traders regionally as well as internationally.

The announcement states that deposits for the currency started at 14:30 GMT +8, April 16, 2018. While withdrawals will begin April 19th, 2018 at 14:30 GMT +8.

This boost for Cardano will be welcome news for holders of the coin who have seen Cardano's value slip to $0.25 USD from $1.15 USD, its all-time high on January 3rd, 2018 on Bittrex.

Huobi's addition of Cardano to its exchange can be viewed as an endorsement of the coin’s trading potential in the Asian markets. It is also a sign that cryptocurrencies like Cardano with slower development and growth rates may still have a place in the cryptocurrency market.

Cardano in Summary

For those uninitiated, Cardano is a distributed computing platform (using the ADA cryptocurrency) created by the Input Output Hong Kong team (IOHK). The team is focused on creating new Blockchain applications by improving upon existing technology. With new takes on programming, scripting language, smart contracts, side chains, decentralized applications, Ouroboros Proof-of-Stake, and governance, Charles Hoskinson, the lead developer, calls Cardano part of the "third generation" of cryptocurrency.

Despite its dense list of features and complicated roadmap, investors jumped behind the project in swarms on September 29th, 2017. Cardano initially sold a whopping 31,112,484,646 ADA. The Cardano chain is designed to cap the ADA in circulation at 45,000,000,000.

This year, the roadmap for Cardano includes a bundle, dubbed “Shelley” (after the British Romantic poet Percy Bysshe Shelley), of new features focused on decentralization of the currency. Cardano is not expected to complete its initial roadmap until around 2020.