Cardano Founder Hints at ADA ETF Amid Ethereum Launch Excitement

Cardano founder Charles Hoskinson hints at potential ADA ETF as race for spot crypto ETFs heats up following launch of Ethereum ETF products.

The race for spot crypto ETFs is heating up further, with Ethereum’s spot ETF recently starting trading. Attention is now turning to ADA.

Cardano founder Charles Hoskinson hinted at this potential development. He responded to a question from Tap Tools with a playful GIF, suggesting that ADA could be in the running for the next cryptocurrency to secure a spot ETF.

Community Reactions and Speculations

However, amidst this positive speculation, Hoskinson’s response sparked new discussions within the Cardano community. One member asked how to secure a stablecoin for Cardano with liquidity and an on/off ramp through a partnership with exchanges that would list Cardano’s native tokens. In response, Hoskinson supported that idea.

This community member later underlines the need for partnerships, specifically mentioning USDC or USDT and a partnership with Coinbase or Binance.

Despite the positive sentiment from some community members about Cardano, others have expressed concerns. Underlines the potential risk of centralization posed by an ETF, which could threaten Cardano’s decentralized system.

Industry Leaders Speak Out

Tesla Motors CEO and X CTO Elon Musk was mentioned in a tweet on July 23, which claimed to have announced Cardano (ADA) as the official payment rail for X. However, this tweet was obviously edited likely for comedic effect.

Additionally, Ripple Labs CEO Brad Garlinghouse expressed confidence in the SEC’s potential approval of spot ETFs for Cardano, as well as Solana and XRP. suggested that more crypto ETFs could be launched after Ethereum and Bitcoin ETFs.

He acknowledged the regulatory challenges these products could face, predicting a lengthy approval process. This is what has been seen with Bitcoin ETFs, which have faced numerous rejections, and Ethereum ETFs, which have experienced delays.

Cardano’s Upward Trajectory

Meanwhile, from a price perspective, Cardano has been on an upward trajectory since July 5, reflecting broader trends in the cryptocurrency market. Over the past two weeks, ADA prices have increased significantly, reflecting positive market sentiment.

For example, a graph sharing Last week, The Crypto Basic reported that ADA prices had surged 44% from the monthly low recorded on July 5. However, mixed signals have emerged as bulls and bears battle for dominance within the Cardano ecosystem.

Disclaimer: This content is informational 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 opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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