Recent proof data shows that Coinbase wrapped ADA (CBADA) continues to grow as exchanges in Cardano double.
Cardano-based Dex Mintan recently shared this Tweetwhich induces bullish emotions within the ADA community. The account noted that the prominent US exchanges reissued a preliminary certificate for the Cardano Token, wrapped in, as the numbers continue on their growth trajectory.
Coinbase’s CBADA backup proof shows growth
Recently updated Report Coinbase shows it has 9,563,462 ADA reserves worth $8.2 million at the time of writing. Meanwhile, CBADA’s total supply stands at 9,530,418 tokens, reflecting Coinbase’s 1:1 backing policy.
Surprisingly, it’s wrapped Cardano,Base Native and ERC-20 tokens, which enhances defi exposure of ADA holders, allowing access to protocols such as Aave, Uniswap, Compound, and more. This coincides with Coinbase’s vision and provides unified Defi access to Ethereum bases for non-native token holders.
Institutional confidence in Cardano?
Minter suggested that the reissue and growth of CBADA tokens suggested an institutional interest in Cardano. Surprisingly, the financial giant is beginning to look beyond Bitcoin to altcoins. The account shows the consensus that Coinbase’s interest in the ADA is “about to explode.”
In reality, there is a growing institutional interest in Cardano. The ADA is one of the tokens with the Spot Exchange Sales Fund (ETF) if the US SEC approves a surge in Altcoin ETF filing on the desk. This is provided as a prominent asset manager Grayscale Submit Regulations nod and offer alternative exposure to the ADA on the New York Stock Exchange (NYSE).
Meanwhile, Cardano’s inclusion in US crypto stockpile also improved global awareness. The executive order in March included the ADA along with Top Asset Esal, XRP and Solana as four assets the US would hold as reserve assets.
Interestingly, many believe that increased institutional traction over Cardano will significantly increase its price. For context, SSEBI shared liquidity unlocked by Bitcoin debt via ETF and Cardano Make your ADA $10.
