Cardano, seen as an increasingly dominant rival to Bitcoin, has been added to one of the world’s largest financial advisory and fintech organisation’s cryptocurrency app.
deVere Group added Cardano(ADA) to deVere Crypto to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.
The move comes as Cardano has doubled its market capitalisation to $28 billion in around two weeks amid soaring interest in the sector. Bitcoin, the world’s largest digital currency hit more than $50,000 for the first time on Tuesday.
The deVere CEO, Nigel Green, a long-time proponent of cryptocurrencies, says: “Cardano is a rising star in the booming crypto sector and is now the fourth-largest cryptocurrency by market cap and is not far from the third-position.
“It has had a highly impressive run in recent weeks and there’s no reason why this will not continue.
“Of course, it remains in the shadow of the headline-grabbing Bitcoin, which is up 60% since the start of the year and has now smashed through $50,000.
“However, we have seen how quickly this market can shift. Cardano could, quite realistically, become an increasingly dominant rival to Bitcoin, Ethereum and Tether.”
He continues: “Global retail and institutional investor interest in cryptocurrencies – now widely regarded as the future of money – is increasing all the time.
“The total crypto market cap has now surpassed $1.5 trillion as the bull market continues its unprecedented performance.
“As such, it is imperative that we offer a broad suite of the most prominent digital assets so that they can have a diversified portfolio to mitigate risks and to seize opportunities.
“Therefore, we felt it was timely to include Cardano on to the exchange app which allows users to buy, sell and hold carefully scrutinised digital currencies.”
Last week, deVere Crypto also added Dogecoin after it was endorsed by Elon Musk, the boss of Tesla and the world’s richest person.
At the time Mr Green noted: “Crypto is a burgeoning asset class and it’s one that is set to play a larger and larger role within the global financial system.
“In today’s digitalised, globalised world, the demand for digital, global currencies in some form – is only set to grow.
“From now on, there will always be widely-used non-fiat money.”
The deVere CEO concludes: “The addition of Cardano underscores our commitment to continually reviewing and expanding our cryptocurrency offering in order to give users of the exchange access to the opportunities and rewards of digital currencies.”