Cardano (ADA) becomes available in Japan after BitPoint listing

Cardano (ADA/USD), the third-largest cryptocurrency by market capitalization, is now available for trading in Japan. A report unveiled this news on August 25, noting that BitPoint listed ADA earlier today, becoming the first Japanese crypto exchange to do so. Reportedly, this listing has seen ADA join a handful of approved cryptocurrencies in the country. These include, but are not limited to, Bitcoin (BTC/USD), Tron (TRX/USD), XRP (XRP/USD), Ether (ETH/USD), Bitcoin Cash (BCH/USD).

According to the report, Cardano’s co-founder Charles Hoskinson acknowledged this bullish development by saying he had waited for a long time for ADA to launch in Japan. He then shared Matsuo Basho’s haiku, which reads, a monk sips morning tea, it's quiet, the chrysanthemum's flowering. Reportedly, this popular haiku illustrates the introduction of a measure of calm into a very hectic life.

Hoskinson’s use of Basho’s haiku is not a coincidence, seeing as Cardano is set to enter the Basho era after it concludes the ongoing Goguen era with the launch of smart contracts, which is expected to take place on September 12. The Basho era will see the proof-of-stake (PoS) blockchain improve its scalability and interoperability.

ADA surges to set a new ATH

Per Sebastien Guillemot, the former executive of Cardano’s founding organization EMURGO disclosed that it was not easy for ADA to launch in Japan. This is because Japan’s financial regulators are keen on ensuring investor protection. While the country is crypto-friendly, only a few coins have received the approval of its financial watchdogs. Among the factors that the regulators consider is a coin’s utility.

Japan is set to expand ADA’s adoption significantly. More importantly, the coin’s ability to conquer Japan shows it has the relevant use cases and it has the potential to launch in other regions across the globe.

BitPoint first announced its intention to add support for ADA earlier this month. Coupled with the news of smart contracts coming to the Cardano blockchain, this announcement saw ADA surge to set a new ATH at $2.97 (£2.16) yesterday. At the time of writing, ADA is changing hands at $2.65 (£1.93) after shedding 7.92% of its value over the past 24 hours.

However, it is worth noting that despite the downwards correction, ADA’s current price represents a 120% gain over the last 30 days. The coin’s volume has also increased by 15% over the past 24 hours.