The CEO of cryptocurrency exchange FTX, Sam Bankman-Fried says it’s likely Cardano (ADA) will soon be added to its platform.
Adding ADA to FTX’s Roadmap
According to Bankman-Fried, FTX has already listed ADA perpetual futures contracts, Bankman-Fried replied to a Twitter user who claimed FTX avoids listing ADA.
“Definitely not the case!. we have [ADA-Perp] listed internationally; adding spot ADA too is on our roadmap,” he said on his Twitter account.
definitely not the case!
we have https://t.co/mST1XOz1mv listed internationally; adding spot ADA too is on our roadmap
— SBF (@SBF_FTX) October 23, 2022
Bankman-Fried pointed out that lack of Cardano (ADA) on the FTX exchange is more of a logistical issue, as the exchange is still trying to secure sufficient validators for the Ethereum (ETH) rival’s blockchain.
“Heh nah it’s not intentional–tokens that are on blockchains we already support are easier, so the ERC20/etc. tokens come almost automatically, but yeah we still have to make sure we have good Cardano validator parsing for deposits/withdrawals,” he explained.
The Prediction of Listing ADA on the FTX Exchange
To refute any doubters, FTX CEO provided a 3-month timeline, implying ADA could be listed by late January.
“Hm if you think I’m lying would you take a 1:1 bet on whether FTX lists ADA spot within the next 3 months? You can choose the size?,” said the CEO.
Santiment, a crypto analytic firm has reported that ADA is undervalued based on its MVRV-Z-Score, a method of measuring a crypto asset’s market value versus its realized value.
Since early 2019, ADA’s MVRV Z-Score has reached a level not seen since before Ethereum rival doubled in price.
“Cardano now sits at its lowest relative position compared to its realized value since January, 2019. This is a sign of undervaluation based on average trader losses. ADA’s price doubled the following three months the last time its MVRV Z-Score hit this level,” said Santiment on Twitter.
📊 #Cardano now sits at its lowest relative position compared to its realized value since Jan, 2019. This is a sign of undervaluation based on average trader losses. $ADA's price doubled the following 3 months the last time its MVRV Z-Score hit this level. https://t.co/D8Bwk2GWEB pic.twitter.com/gnOuGVqqOq
— Santiment (@santimentfeed) October 22, 2022