We are excited to announce support of Cardano (ADA).
LCX is launching Cardano (ADA) at LCX Exchange today. Deposits are now open. Trading will start 17th June 2021 with two trading pairs ADA/ LCX and ADA/ EUR.
Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the operation of the Cardano network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a more secure, transparent, and fair society.
Cardano is one of the most prominent blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy-intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum will be upgrading to PoS, this transition is only going to take place gradually. The Cardano project has taken contentment in ensuring that all of the technology developed goes through peer-reviewed research, meaning that new and bold ideas can be tested before being validated. According to the Cardano team, this academic rigour helps the blockchain to be durable and stable.
Currently, Cardano is used by agricultural companies to track fresh produce from field to fork. At the same time, other products built on the platform allow educational credentials to be stored in a tamper-proof way and retailers to clamp down on counterfeit goods. In 2020, Cardano held a Shelley upgrade to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.
Customers can sign up for a LCX account here to deposit $ADA today.
Starting from today Tuesday, June 15th, 2021 at 08.00 PM CET, customers will be able to transfer $ADA into their LCX account. Customers will be able to transfer this to their LCX Exchange wallet or place trading orders when the trading starts.
Important Note: Trading cryptocurrency is complex and comes with a high risk of losing money. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose. This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product.
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