Cardano Foundation, IOHK and Emurgo – three partners behind the blockchain Cardano, have announced that ADA, Cardano’s cryptocurrency, is now tradeable on cryptocurrency leveraged trading platform BitMEX. To coincide with the launch, BitMEX is offering a $100K giveaway to customers who trade the new contract. The contest runs from the 8th of January to the 15th of January, 2018.
The listing will improve Cardano’s presence in Asia following the launch of ADA. The ADA listing on BitMEX is in the form of a fixed date contract and allows traders to speculate on the changing value of the Cardano/Bitcoin (ADA/XBT) exchange rate with up to 20 times leverage. Traders do not need to have ADA to trade the contract as it only requires Bitcoin as margin.
Arthur Hayes, CEO, BitMEX said: “The addition of ADA contracts on the BitMEX platform will further assist the cryptocurrency’s transformation into a truly liquid and tradable asset.”
The technology underpinning Cardano’s ADA token was designed by experts, academics and cryptographers over two years, drawing on features of existing cryptocurrencies including Bitcoin, Ripple and Ethereum. It uses a provably secure, proof-of-stake algorithm.
Chairman of the Cardano Foundation, Michael Parsons commented: “This new listing is indicative of Cardano becoming a truly global blockchain platform. We are excited to see Cardano list with BitMEX. Adoption of ADA by new trading platforms is reflective of the bright future that Cardano has as a leading blockchain platform.”
Charles Hoskinson, CEO of IOHK, said: “As markets evolve, there is an increasing need for liquidity and more sophisticated trading strategies. I’m glad to see BitMEX list ADA and hope this continues to aid our march towards becoming the financial stack for the developing world.”