For the first time, the Cardano native token ADA started trading on a Japanese crypto exchange earlier today. This means the Japanese locals can now trade and invest in ADA (a total of 126 million people if everyone is trading in the country).
The CTO of dcSpark and the former Co-VP of Eng. and Cardano PM at EMURGO, Sebastien Guillemot, announced that the Cardano native token had been listed on the Japanese exchange and he explained why it is a big deal for them.
From the words of Guillemot, it is not really easy for digital assets to gain approval from regulatory bodies to get listed, and that is why there are few options listed on those exchanges. So far, the approved tokens include BTC, Bitcoin Cash, XRP, Ethereum, BAT, Stellar, Polkadot, Tezos, NEM, and Litecoin.
He continued by saying that the new ADA listing is a huge one for the Japanese locals, and it is as important as when the token was first listed on Coinbase earlier in March.
The Japanese exchange BITPoint made the listing announcement on their official website earlier that $ADA has been scheduled to be listed on the exchange later in August.
According to BITPoint, “It is predicted that several DApps will be designed and developed for use by the introduction of smart contract technology that will be launched and deployed in the future to the end that the protocol and ecosystem will see further growth.”
However, earlier today, the listing went live on the crypto exchange with the pair ADA/JPY, and trading went underway. As of 07:40 UTC on the 25th of August, ADA/JPY is trading at 305.23.
The CEO of IOHK, the company that developed the Cardano protocol and its implementation software, Charles Hoskinson, said he took to his Twitter page to express his thoughts on the listing.
About 10 minutes to the listing, he said he had waited for that day for a very long time. He then congratulates the crypto community, adding a few lines of poetry.
Yesterday as well, the project manager of Cardano foundation referred to the protocol as the first compliance/analytics solution. And tagged the feat a great achievement for the Cardano protocol.
In a press release by Coinfirm, a RegTech and blockchain analytics provider, it was mentioned that the collaboration with Cardano would help the protocol to comply fully with the Financial Action Task Force (FATF) guidelines and the 6AMLD amidst other national regulations.
According to data from TradingView, on Kraken currently, ADA/USD is currently trading at $2.7479, having seen about a 124% increase in one month and a total of 1465% in the YTD period. The token performed more than most crypto assets out there, and it has attracted the attention of most institutional investors.