On Tuesday (September 28), Lykke Corp, which is a Switzerland-based FinTech startup that owns and operates the Lykke Wallet cryptocurrency exchange, announced the listing of Cardano’s $ADA token.
According to Lykke’s press release, Lykke Wallet is “a commission-free cryptocurrency exchange integrated with a cryptocurrency wallet” that “makes it possible to buy and sell cryptocurrency, such as ADA, with no trading fees and at the same time low spreads.” Lykke Wallet is available on the web and on mobile (with apps for both Android and iOS).
Apparently, the following Cardano-based trading pairs are available: ADA / BTC; ADA / CHF; ADA / ETH; ADA / EUR; ADA / GBP and ADA / USD.
Richard Olsen, Lykke’s CEO, had this to say:
“The ADA listing is a major milestone for our community that now can trade ADA for free. We are inspired by Cardano’s commitment to scientific rigor and excellence. The listing sets the foundation for a deeper partnership that can serve the bigger community to unlock the full potential of blockchain and smart contracts to democratize finance.“
And Frederik Gregaard, CEO of the Cardano Foundation, said:
“This listing on Lykke, which will allow its user base to access ADA for the first time, marks another significant milestone in the development of Cardano. Capital bridges and the entry of traditional market makers into the crypto space allows users to leverage liquidity and move seamlessly between fiat and crypto ecosystems. It also serves to both empower our nascent ecosystem and enrich the wider blockchain space.“
The press release went on to explain how users can buy $ADA without paying any fees:
“To trade Cardano’s ADA for free at Lykke Wallet crypto exchange the users have to onboard and pass a simple KYC-verification process. The venue offers a free crypto app, a web trading terminal, and a fiat gateway for Euro, CHF and GBP. If you deposit fiat by bank transfer, Lykke will cover the deposit fee (but not the correspondent bank’s fees, if any). After your funds are credited to your Lykke Wallet account, you can exchange them to ADA without trading fees.“
According to data by TradingView, currently (as of 18:45 UTC on September 29), on crypto exchange Kraken, $ADA is trading around $2.0419.
In the year-to-date (YTD) period, $ADA is up over 1034% vs USD.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.