Cardano founder mentions ADA ETF as Ethereum launches with enthusiasm

Cardano founder Charles Hoskinson hinted at the possible launch of an ADA ETF, as competition for cryptocurrency spot ETFs intensified following the launch of the Ethereum ETF product.

Competition in cryptocurrency spot ETFs has further intensified, with Ethereum’s spot ETF recently starting trading. The focus now turns to ADA.

Cardano founder Charles Hoskinson gave a hint of this potential development. He responded to a query from Tap Tools with a playful GIF, suggesting that ADA could be one of the next cryptocurrencies to qualify for a spot ETF.

Community reaction and speculation

Despite this positive speculation, Hoskinson’s response sparked further discussion within the Cardano community. One member asked if it would be possible to get a stablecoin through partnerships with exchanges and have on/off ramps by listing trading pairs for the Cardano native token. Hawkinson supported the idea.

The community member later stressed the need for a partnership with USDC or USDT and Coinbase or Binance.

While some community members hold positive sentiments toward Cardano, others have expressed concerns. One commenter highlighted the centralization risks that an ETF could bring, which could threaten Cardano’s decentralized system.

What Industry Leaders Think

Tesla Motors CEO and X CTO Elon Musk mentioned in a tweet on July 23 that he announced that Cardano (ADA) will serve as the official payment rail of X. However, the tweet was clearly edited, possibly for humorous effect.

In addition, Ripple Labs CEO Brad Garlinghouse expressed confidence that the SEC may approve spot ETFs for Cardano, Solana, and XRP. Garlinghouse hinted that with the launch of Ethereum and Bitcoin ETFs, more cryptocurrency ETFs may be coming. He acknowledged that the products could face regulatory challenges, predicting that the approval process could be lengthy, just as a bitcoin ETF faced multiple rejections and an ethereum ETF experienced delays.

Cardano’s upward trajectory

Meanwhile, from a price perspective, Cardano has been trending upward since July 5, similar to the overall crypto market trend. The price of ADA has surged over the past two weeks, reflecting the positive sentiment in the market.

For example, a chart shared by The Crypto Basic last week showed that ADA’s price has risen by 44% since its monthly low on July 5. However, within the Cardano ecosystem, it is difficult for bulls and bears to dominate, with mixed signals emerging.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.