Earlier today, Cardano’s $ADA token started trading for the first time ever on a Japanese exchange, which means that the residents of Japan (a country with a population of around 126 million) can invest more easily in $ADA.
Sebastien Guillemot, CTO at dcSpark, as well as former Co-VP of Eng. & Cardano PM at EMURGO, said that $ADA has finally been approved for listing on a Japanese crypto exchange and explained why this is a big deal.
According to Guillemot, it is not easy for cryptoassets to gain regulatory approval for the purpose of getting listed on crypto exchanges and that is why only a relatively tiny number of cryptoassets have been approved so far (e.g. Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, Basic Attention Token, Stellar, NEM, Tezos, and Polkadot).
He went on to say that this news is pretty significant for the Japanese market and its importance is roughly equivalent to $ADA finally getting listed on Coinbase in March.
Japanese crypto exchange BITPoint announced on its website that day that $ADA was scheduled to be listed on its platform in late August.
As for the Cardano project, BITPoint said that “because it is designed with high scalability, it is expected that many DApps (distributed applications) will be developed and used by the introduction of smart contract technology that will be implemented in the future, and further growth of the ecosystem and protocol will be achieved.”
Well, earlier today, the ADA-JPY pair got listed on BITPoint and trading went live.
Currently (as of 07:40 UTC on August 25), ADA-JPY is trading around 305.23.
Charles Hoskinson, the CEO of IOHK (the company that is responsible for development of the Cardano protocol and the software that implements it), had this to say about the historic event:
Yesterday (August 24), how Jeremy Firster, a Project Manager at Cardano Foundation, said that the first analytics/compliance solution for Cardano had gone live.
RegTech and blockchain analytics provider Coinfirm said in its press release that its strategic partnership with Cardano Foundation “will ensure that Cardano is able to be in full compliance with the FATF’s (Financial Action Task Force) guidelines, 6AMLD and other supranational and national regulations.”
Mel McCann, Head of Technical Integrations at Cardano Foundation, had this to say:
“AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets. The tools and services provided by Coinfirm enables every exchange, custodian, and all other third-parties to clearly track the history of ada held in their wallets.
“We are proud to work with Coinfirm due to their high quality results and product offerings as the first analytics solution live on the Cardano blockchain, the partnership with Coinfirm represents our continued dedication to supporting the adoption of the Cardano blockchain.“
According to data by TradingView, currently (as of 07:55 UTC on August 25), on crypto exchange Kraken, ADA-USD is trading around $2.7479, up 124% in the past one-month period and an even more incredible 1465% in the year-to-date period.
With the way that $ADA has been outperforming the vast majority of cryptoassets out there, it is not too surprising to find out that this amazing performance is not going unnoticed by institutional investors. CoinShares’ latest “Digital Asset Fund Flows Weekly” report (released on Monday) said that Solana and Cardano had the two highest inflows last week with $7.1 and $6.4 million going into $SOL and $ADA investment products respectively.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
