Cardano has been on trend for a couple of weeks, and for good reason. As the network continues to update, its ADA native token has seen an exponential surge in popularity ahead of the Alonzo mainnet hard fork over the next month. Additionally, there is good news for Japanese traders looking to add ADA to their crypto wallets.
This morning, the Japanese crypto exchange Bitpoint was the first in the country to list the token. Cardano co-founder Charles Hoskinson was quick to acknowledge this development, and the IOHK manager shared a haiku from Matsuo Basho.
Ada starts in Japan in ten minutes. I’ve been waiting for this day for a long time. Congratulations and thanks to the community there:
A monk sips morning tea
it is quiet,
the flower of the chrysanthemum.
– Charles Hoskinson (@IOHK_Charles) August 24, 2021
The Cardano community in Japan was also delighted to hear the news, and many are using Twitter to express the same thing.
#Cardano #ADA @BITPointJP Congratulations on your entry in Japan! !! Many thanks to @IOHK_miyatake and the person in charge of BITpoint 🔥 pic.twitter.com/Ex1gMlmlY6
– YUTA Cardano Ambassada / Steuerberater Certified Accountant (@yuta_cryptox) August 24, 2021
Bitpoint announced earlier this month that it would be the first Japanese exchange to list ADA. The Tokyo-based platform is one of the country’s leading stock exchanges with offices in Hong Kong, South Korea, Taiwan, Malaysia and Panama. In a recent video, Hoskinson said that exchanges like BitFlyer, another market leader, would soon follow suit, given that ADA is “a popular currency in the region.”
Sebastien Guillemot, the former managing director of Cardano’s founding company EMURGO, had previously commented that getting regulatory approval from ADA was not an easy task. This was due to Japan’s “strict” rules for listing cryptocurrencies on the country’s stock exchanges.
While Japan is considered a crypto-friendly country, its financial regulators have repeatedly raised investor safety concerns. Only a handful of coins could be approved in the nation. In fact, all of these cryptos are thoroughly vetted to ensure that they are useful to citizens.
Such approval could be an indicator of the altcoin’s value in the international market. It will also expand ADA’s customer base as more users can now access crypto through Japan’s own exchanges.
Needless to say, ADA has been in an uptrend since it was first announced. Despite corrections after the last ATH, ADA was 42% higher than the weekly timeframe at the time of going to press. In addition, it has grown over 120% in the last 30 days alone.