Facing some criticism, the main developer of Cardano it’s not really important that an exchange like gemini ready to ADA, especially in light of the operational problems it is experiencing following the collapse of FTX, platform in which it was not listed at the time.
- gemini still ready to ADA and enthusiasts of Cardano criticize this
- For Hoskinson it is not so important that ADA I arrived at gemini
- Take into account what happened FTX, and how did this affect gemini
- He stressed that Cardano is where it is on its own merits
Although the announcement of the listing of a cryptocurrency on a major exchange is very good news for its community, for Charles Hoskinson, the main developer of Cardano, the fact that ADA not yet included in gemini It is not something that seems to make him lose sleep, and far from it he qualifies this as something positive, especially in light of the times that are lived in the market.
This was indicated by Hoskinson in one of his usual live broadcasts directed for your community through Twitter, in which he participated with his brother William and talked about the fact that Cardano still hadn’t reached gemini, American exchange run by the Winklevoss brothers, which instead of regretting ended up publicly thanking.
To the date, gemini It brings together more than 110 cryptocurrencies in its listings and part of the criticism directed by cryptocurrency enthusiasts. Cardano the exchange has to do with what ADA It has not yet been included, arguing that a good part of the crypto projects present there have a very low market capitalization compared to said digital currency.
To answer the question, Hoskinson made the following point:
We’re not listed on Gemini yet… Turns out that’s probably a good thing because FTX didn’t list us on their business listings either.
gemini beaten after what happened with FTX
The point made by Hoskinson came at a complex time for the industry, especially for exchanges after the crisis of confidence and solvency problems caused by the collapse of FTX for associated entities to some extent.
In the case of Gemini, although the exchange was not directly affected by FTX, the companies Genesis Digital Trading if you had exposure to Sam Bankman-Fried’s company, to the point of being at risk of declaring bankruptcy. The latter financed the Earn program of the Winklevoss brothers’ platform, so its insolvency situation mainly harmed the clients of the service.
Yes ok gemini is a highly regulated company and is not linked to the problems it incurred FTX, if it has been strongly affected by the reputational issue. The fall of the Bankman-Fried exchange and its associated companies will lead to greater regulatory emphasis on international platforms, which adds to the doubts of high-profile investors, hand in hand with the drop in the prices of the main cryptocurrencies.
As to ADA, Hoskinson revealed that the cryptocurrency was one month away from being officially listed on FTX, which is why the collapse of the exchange did not end up affecting them, since the closure of the platform did not involve the retention of funds associated with Cardano.
Regarding the commercial evolution of Cardano, although the arrival of ADA It represents an important commercial impulse for the cryptocurrency, Hoskinson defended that it has shone on its own merits, this without depending on the exchanges where it has not yet been officially listed.
As such, Cardano it reached its all-time highs at the end of August of last year, just when it almost touched USD $3 per unit. For this moment ADA it was not listed on certain major exchanges, which proceeded to list it just after it had fallen around 30% from the aforementioned values.
Currently each unit of ADA is trading around USD $0.5 per unit, a value that is almost 85% below the historical highs seen in 2021. Since then, Hoskinson highlighted that the ecosystem of Cardano It has been growing, so its network has been recording increasingly higher volumes of operations as more new projects arise.
Looking ahead, next year Cardano will receive its own algorithmic stablecoin called DJED, which will begin to operate at the beginning of 2022. Similarly, the team of IOHK it also plans to launch its own currency pegged to the US dollar called USDA, which will be highly regulated and will guarantee freedoms to its users. Finally, Hoskinson announced a few weeks ago that they will soon launch a sidechain known as Midnight, a network with an emphasis on the privacy of operations.
Article by Angel Di Matteo / DailyBitcoin
Picture of Unsplash
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