Cardano (ADA) is to be listed in Japan for the first time, equivalent to Coinbase listing
According to information from CTO and co-founder of dcSpark, Sebastien Guillemot, Japanese crypto exchange Bitpoint is planning to list Cardano native token ADA at the end of August.
ADA native token Cardano to be listed on Japanese exchange for the 1st time
Cardano was finally listed in Japan! ?? $ADA
Japan has extremely strict rules for crypto exchange listings.
Only a small number of tokens can be listed in Japan, and ADA is now on that list! ?? https://t.co/n2oxPHKa36
— Sebastien Guillemot (@SebastienGllmt) August 3, 2021
Why is this good news for ADA? Because Japanese regulators are the ones who have strict regulations on listing cryptocurrencies on exchanges. Therefore, only a small number of coins are allowed to list in the country. And the listing of ADA means that the project has been recognized by regulatory agencies.
Furthermore, Guillemot compared the listing to a coin being listed on Coinbase, claiming that the event is on the same level for the Japanese crypto community.
“Although you weren’t tracking this one, I would say this is comparable to Coinbase listing news for the JP community”, he tweeted.
Bitpoint is a licensed cryptocurrency exchange based in Tokyo, Japan. In 2019, it has been hacked for $32 million in crypto assets. At this time, Bitpoint halted all services including trading, deposit, and withdrawal of all crypto assets after it noticed irregular withdrawal from its hot wallet. The exchange offered trading for five notable cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, Litecoin, and XRP.
Not long ago, Grayscale, the largest crypto hedge fund, set up an ADA-based trust, making Cardano’s native coin the third largest investment. However, Japanese users were able to buy and sell ADA through other exchanges, which are based in other countries but operate in Japan.
At press time, ADA has yet to react to this news. The price is still trading around the $1.3 level.