Cardano foundation has announced its collaboration with a prominent crypto exchange in Europe. The Cardano-backed foundation signed a deal with the WhiteBit cryptocurrency exchange to extend and allow more of its native token (ADA) on its platform.
The non-profit foundation has been the backbone of the blockchain ecosystem. The foundation which had held itself responsible for projecting the advancement of the Cardano blockchain had lived up to expectations again.
WhiteBit Signs Partnership Deal With Cardano Foundation
Following its mission statement, the Swiss-based, Cardano non-profit organization has expanded the reach and use of ADA, its native token. According to reports, the foundation members have been in talks with the cryptocurrency exchange for months. Although the intent of the meeting was not made known, news outlets and media houses gave different speculation.
However, the crypto exchange and the foundation have publicly announced their new partnership deal. The announcement was made known by the European exchange on the 16th of November, via a blog post on its official website. The post revealed that the platform users would be able to trade Cardano (ADA) futures on its website.
“Our users would be allowed to trade Cardano (ADA) futures on our exchange platform” – Excerpt from the blog post.Further, the cryptocurrency exchange revealed that the “ADA futures trading” is the first deal of their partnership and deal. “We have several unique collaborations and activities with Cardano”.
Both parties, WhiteBIT and Cardano foundation are still in talks as there are more collaborations to be unveiled in the coming months. Also, the European exchange would be listed as part of the participation in the upcoming Cardano Summit.
Cardano (ADA) Trading Red In The Market
Cardano (ADA) token is trading red in the cryptocurrency markets, probably affected by the bear contagion in the market. The past seven days have been bearish in the cryptocurrency markets and space. The World’s largest cryptocurrency, BTC traded below #16,000, and Ethereum also surged to the $1,100 price mark.
Almost all tokens and currencies in the cryptocurrency market traded in bears, most of which are yet to recover. According to CoinMarketCap, the Cardano token is trading at $0.3298, after experiencing approximately a 4% price decline in the past 24 hours. The token seems to be faring well, gradually recovering after hitting a low of $0.3124 in the past 30 days.
As of the time of this report, Cardano still ranks 8th position on the biggest cryptocurrency by market capitalization. Cardano’s market cap is pegged at $11.34B tailing behind Ripple’s XRP.