Charles Hoskinson, the founder of Cardano, has hinted at the potential launch of an ADA ETF amidst the escalating competition in the cryptocurrency spot ETF arena, spurred by the recent introduction of Ethereum ETF products.
The race for cryptocurrency spot ETFs continues to heat up following the commencement of trading for Ethereum’s spot ETF. Now, all eyes are on ADA.
In response to inquiries from Tap Tools, Charles Hoskinson hinted at this prospective development with a lighthearted GIF, suggesting that ADA could be the next contender to secure a spot ETF.
Community reactions to Hoskinson’s remarks sparked further discussion within the Cardano community. One member raised the idea of establishing a stablecoin for Cardano with liquidity and an exchange on/off ramp via partnerships that would also list Cardano native tokens. Hoskinson expressed support for this proposal.
Building on this, the community member stressed the importance of partnerships, specifically mentioning potential collaborations with USDC or USDT stablecoins and major exchanges like Coinbase or Binance.
Despite the optimism shown by some community members towards Cardano, others voiced concerns. One commentator highlighted the potential risks of centralization that an ETF could pose, which might threaten Cardano’s decentralized framework.
Industry leaders also weighed in on the matter. A tweet on July 23 humorously suggested that Elon Musk, CEO of Tesla Motors and former X CTO, had announced Cardano (ADA) as the official payment rail for X, though this was obviously edited for comedic purposes.
Brad Garlinghouse, CEO of Ripple Labs, expressed confidence in the SEC’s potential approval of spot ETFs for Cardano, Solana, and XRP. Garlinghouse indicated that additional crypto ETFs might follow those for Ethereum and Bitcoin, but cautioned about the regulatory challenges ahead. He anticipated a lengthy approval process similar to what Bitcoin and Ethereum ETFs have faced in the past.
From a price perspective, Cardano has shown a positive trajectory since July 5, aligning with broader trends in the crypto market. Over the past two weeks, ADA prices have surged significantly, reflecting bullish market sentiment.
For example, data from The Crypto Basic last week illustrated a 44% increase in ADA prices from the monthly low recorded on July 5. However, conflicting signals have emerged as market participants debate the future direction within the Cardano ecosystem.
Disclaimer: This article provides information and is not intended as financial advice. The views expressed herein may include personal opinions of the author and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic assumes no responsibility for financial losses incurred.
