IronFX Supports Cardano’s ADA Coin as Account Base Currency
The new opportunity will enable clients to perform a wide range of functions using the virtual coin from Cardano.
EmurgoHK Group, a Hong Kong-based blockchain accelerator and creator of the Cardano Blockchain, on Wednesday announced that its native token, ADA Coin, is now available as base account currency on IronFX Group’s MT4 platform.
The new opportunity will see clients be able to perform a wide range of functions using the virtual coin without the need to convert to fiat currencies. Specifically, the holders of ADA-dominated accounts can withdraw balance, deposit and assign margin for their trades on traditional assets, including forex, stocks, etc., using the cryptocurrency.
The ADA has been in the news this week after it has been listed on the OKEx exchange platform. Popular American exchange Coinbase also seems to consider ADA after it was made into the list of coins which the platform will look into.
Of note, the company has added ADAUSD pair as a trading CFD contract on IronFX’s MT4 platform. The instrument will be available to all account types regardless of its base currency. This is important for clients looking to not only store their crypto assets but also to reinvest in other instruments.
The development is an important endorsement for ADA’s future by IronFX, which has seen its sights shift in the direction of cryptos over the past year. It also helps provide additional liquidity to the ADA ecosystem as the initiative should foster the increased deposit and usage of the coin on IronFX’s platform.
IronFX and EmurgoHK Group are jointly launching a new crypto venue, called the IronX Exchange, which combines their respective blockchain experience with existing regulatory and operational practices.
The IronX Exchange’s ecosystem allows its clients to use their crypto accounts and digital assets to migrate or move (partially or fully) positions into the IronFX’s platform. That way, the company hopes to attract traders looking for an easy way to switch between crypto and traditional asset classes.
Markos A. Kashiouris, the CEO of IronFX, told Finance Magnates that defining Cardano and the ADA coin as a base currency account will “allow traders to deposit by using Cardano/ADA” and to trade on their platform “without the need to use Fiat currency. In that respect we’re probably the first and the only platform to offer that.”
Kenji Sasaki, Co-Founder of Cardano and Corporate Officer of EmurgoHK, stated: “We are delighted that the IronFX Group has become an early adopter of the Cardano technology and the ADA Coin itself. Using the ADA Coin as a base currency account will increase the options available to the ADA holders. It will also help broaden the overall ADA ecosystem.”
“We are thankful to the IronFX Group for becoming early adopters. We look forward to the launch of the IronX Exchange jointly venture,” he concluded.
Nice move from the cardano team, what your thoughts?
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