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US trading platform Robinhood said that it would start listing Cardano among its cryptocurrency offerings, according to an announcement.
The tweet from the San Francisco-based firm implied that Cardano was finally being added after receiving significant demand from its customers. With a market capitalization of $15 billion, Cardano is currently the eighth largest cryptocurrency, according to CoinGecko data.
In spite of the newfound inclusion of crypto, the market seemed relatively unenthused in its reaction. During a minor surge in trading volume triggered by the announcement earlier this afternoon, ADA managed to rise from $0.448 to as high as $0.462, but has already traded back down to around $0.45.
Impending Vasil update
The listing on Robinhood also serves as a boon for Cardano as it prepares for its upcoming Vasil upgrade. In an update posted earlier this week, Cardano’s developer Input Output reported hitting important indicators.
“Over 80% of SPOs have upgraded and more than 70% of the top DApps we’re tracking have confirmed successful pre-production testing,” the post read, adding that 75% of mainnet blocks for the final release candidate had been created.
The developer also emphasized that it was helping crypto exchanges to facilitate the integration. According to the announcement, ”at least 27 exchanges [are] in the process of integrating, 5 of which are in the top 10 for liquidity.”
Robinhood recently
The move comes as Robinhood faces a class action lawsuit after being forced to reduce its headcount last month. A U.S. District Court Judge from Miami ruled that the trading platform would have to go through with a lawsuit accusing it of market manipulation during the meme stock rally last year. Overwhelmed by the demand during the buying frenzy of GameStop and AMC shares early last year, Robinhood imposed temporary restrictions on the buying of these stocks.
Meanwhile, Robinhood CEO Vlad Tenev announced that the company would be laying off 23% of its workforce in light of difficult market conditions, in a blog post early last month. The company had previously reduced its workforce by 9% at the start of the year to focus on “greater cost discipline.” However, the rising inflation rates and the broader crypto market downturn forced the company to make even more job cuts.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
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Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
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