Robinhood (NASDAQ: NASDAQ:HOOD) announced the listing of Cardano (CRYPTO: ADA) to its platform Thursday.
You asked… @Cardano is now on Robinhood #ADA #CryptoListing https://t.co/30JpA2vPF5 pic.twitter.com/GlXXu3S1lLWith a $15.3-billion market cap, Cardano is ranked No. 8 on Coinmarketcap. Its purpose as a platform is to be as environmentally friendly as possible by employing a proof-of-stake (PoS) system, which consumes less processing power than competing proof-of-work models.— Robinhood (@RobinhoodApp) September 1, 2022
Transactions are resolved on Cardano's first layer, similar to Bitcoin (CRYPTO: BTC), and smart contracts are performed on Cardano's second layer, similar to Ethereum (CRYPTO: ETH).
Cardano's native currency, ADA, is used to pay transaction fees as well as to allow users to participate in Cardano's PoS.
Following the announcement, the token immediately rose by 4.3%. At the time of publication, Cardano is trading at 44 cents, down by 2.5% over the last 24 hours.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.