Cardano ETF Up Next? ADA Founder Hints Amidst Ethereum ETF Buzz

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As the spot crypto ETF race intensifies, there are growing speculations of more crypto ETFs. After Ethereum’s spot ETF recently started to trade, the focus has now shifted to ADA. The Cardano founder recently responded to a question from Tap Tools on the X platform. It questioned whether the ADA ETF is up next, to which Hoskinson replied with a playful gif that read, “Fine, I’ll do it myself.” 

Community Speculations

Amidst the positive speculation Charles Hoskinson Charles Hoskinson Charles Hoskinson is a visionary entrepreneur and technology pioneer, renowned as the CEO and Founder of IOG (Input Output Global). With a profound commitment to advancing blockchain technology and decentralized systems, he has played a pivotal role in shaping the landscape of the cryptocurrency industry. Charles co-founded Ethereum, one of the most prominent blockchain platforms, and later went on to establish IOG, a blockchain research and development company. His strategic leadership has been instrumental in the development of Cardano, a groundbreaking blockchain platform known for its focus on scalability, sustainability, and interoperability.With a deep passion for promoting financial inclusion and innovation, Charles continues to drive the adoption of blockchain solutions globally. His dynamic leadership and dedication to the advancement of decentralized technologies make him a driving force in the evolution of the digital economy. Chief Executive Officer response prompted further discussion within the community. A community member, drawn by Hoskinson’s engagement, replied, “If you are going to do it yourself, can you also secure a real stable coin for Cardano with liquidity and an on/off ramp by partnering with an exchange that will also list Cardano native tokens?” In response, Hoskinson supported this idea.

This community member also stressed the need for partnerships, specifically mentioning USDC or USDT and a partnership with Coinbase or Binance. Despite the positive sentiment, some community members expressed concerns highlighting the potential centralization risk posed by an ETF, which could threaten Cardano’s decentralized system. 

More ETFs On The Way!

Further, brad garlinghouse brad garlinghouse Brad Garlinghouse is one of the world’s largest crypto payments processors; he is an extremely popular name across the global crypto landscape. He has previously served as the CEO of Hightail, a file-sharing service, and is also an active angel investor. He is currently serving as the CEO of financial technology company Ripple Labs. He joined Ripple as COO in April 2015, answering to the CEO and prime supporter, Chris Larsen. He was elevated to CEO in December 2016.   Previously, he also worked at AOL and Yahoo! From 2003 to 2008, he filled in as Senior Vice President at Yahoo!, where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo! Courier divisions. While at Yahoo!, he wrote an inner update known as the "Peanut Butter Manifesto," requiring the organization to zero in on its core business instead of extending itself excessively far, much like peanut butter.  EntrepreneurInvestorChief Executive OfficerBoard Member CEO of Ripple Labs, had expressed confidence in the SEC’s potential approval of spot ETFs for Cardano, along with Solana and XRP. Garlinghouse suggested that more crypto ETFs might launch following Ethereum and Bitcoin ETFs. The Bloomberg ETF analyst, Eric Balchunas had also predicted the same. 

Garlinghouse acknowledged the regulatory challenges these products might face, predicting a lengthy approval process as the Bitcoin ETFs had faced multiple rejections, and Ethereum ETFs, experienced delays.

Cardano’s Upcoming Developments! 

While the ETF remains unconfirmed, Cardano boasts other positive developments. The upcoming Chang hard fork, scheduled for August 2024, adds to the anticipation. According to Intersect, 247 members of the Cardano community have completed DRep onboarding in anticipation of the Chang upgrade.

This is a significant milestone, as the network is nearing 100 million transactions. The total value locked (TVL) is also growing, despite being down from its peak. These developments place the Cardano ecosystem for significant growth and advancement.

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