Trading App Giant Robinhood Launches Support for Ethereum Rival Cardano (ADA) Ahead of Network Upgrades

Retail trading giant Robinhood is kicking off the new month by adding a top-10 crypto asset to its trading roster.

In a new announcement via Twitter, the firm says that scalable decentralized blockchain Cardano (ADA), prompted by customer demand, is now live on the Robinhood platform.

Cardano is an Ethereum (ETH) competitor, and this month both projects will institute major network upgrades.

Earlier this week, Cardano creator Bob Hoskinson provided an update on the highly anticipated Vasil hard fork, saying that developers are making steady progress toward the event which should occur in the coming weeks.

“Things are moving along very quickly. Extensive testing is still being done by both the community and still by us. A lot of integration work is happening behind the scenes, so all of that infrastructure is looking good.

Sometime in September is what it looks like, unless something is discovered or we run into a substantial slowdown somewhere.”

The Ethereum Foundation last week also announced an updated timeline for the project’s Merge from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism, starting with the Bellatrix upgrade on September 6th followed by the formal transition sometime between September 10th and 20th.

Cardano has experienced a week of choppy price movement, down 1.74% and trading for $0.44 at time of writing.

Ethereum is also in the red by 1.31% and currently changing hands for $1,536.

Although Robinhood continues to add new digital assets to its trading platform, the company has suffered negative effects from the lengthy crypto bear market and in early August laid off 23% of its workforce.

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Featured Image: Shutterstock/klyaksun/Mingirov Yuriy

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