Bitpoint, based in Tokyo, is the first Japanese exchange to list Cardano (ADA). The third-largest cryptocurrency started trading in Japan today. Cardano joins cryptocurrencies like Bitcoin (BTC), Tron (TRX), Ripple (XRP), Ether (ETH), Bitcoin Cash and Basic Attention Token (BAT).
Bitpoint Becomes the First Japanese Exchange to List Cardano’s ADA
Cardano has been trending for a few weeks now, and for good reason. As the network continues to upgrade, the popularity of its native token ADA will grow exponentially before the hard fork of the Alonzo mainnet hits next month. Additionally, there is good news for Japanese traders looking to add ADA to their crypto wallets.
Today the Japanese cryptocurrency exchange Bitpoint became the first company in the country to list tokens. Cardano co-founder Charles Hoskinson was quick to acknowledge this development, and the IOHK manager shared Matsuo Basho’s haiku.
The Cardano community in Japan was also happy to hear the news and many people shared the same opinion on Twitter.
Hoskinson Believes Other Exchanges Will Soon Join
Earlier this month, Bitpoint announced its decision to become the first Japanese exchange to list ADA. This Tokyo-based platform is one of the country’s leading exchanges with offices in Hong Kong, South Korea, Taiwan, Malaysia and Panama. In a recent video, Hoskinson believes exchanges like BitFlyer, another market leader, will soon catch up because ADA is “a popular currency in the region.”
Sebastien Guillemot, the former executive officer of Cardano’s founding company EMURGO, previously commented that it is not easy to get regulatory approval for the ADA. This is due to Japan’s “strict” rules for listing cryptocurrencies on exchanges in the country.
Although Japan is considered a cryptocurrency-friendly country, its financial regulators have repeatedly raised investor safety concerns. Only a few coins can be approved nationwide. All of these cryptocurrencies have been thoroughly vetted to ensure that they are useful to citizens.
This approval can be an indicator of the value of altcoins in the international market. It will also expand ADA’s customer base as more users can now source cryptocurrency through Japan’s own exchange.
ADA has been on an uptrend since it was first announced. Although revised after the last ATH, as of the time writing, ADA is up 42% over the weekly timeframe. More importantly, sales exceeded 120% in the last 30 days alone.