By Nathan Ferguson
The founder of Cardano, Charles Hoskinson reassured supporters about the situation of why eToro decided to delist ADA and TRX from its platform.
World leading social trading platform, eToro recently announced that they will be removing ADA and TRX from their platform, because of certain business concerns that were related to regulations. This move will surely take a toll on the platform, especially in the United States, as the delisting will occur in multiple time periods with the complete delisting expected to be completed in the coming year of 2022.
Functionalities such as, new positions, staking rewards will be revoked by the end of December, with the last reward payouts scheduled to occur in the mid of January next year. This might seem surprising as eToro was the only platform who listed Cardano, back in the year of 2018.
Market Response
Following the delisting of ADA, traders in the market have a sort of mixed reaction towards the situation, with some holding on to their assets, meanwhile others starting to panic sell, pushing out selling pressure on the market, resulting in loss of overall market price of ADA and TRX.
Doubts with eToro’s reasoning
A user by the name of Gaston Chanseaud stated on twitter that this delisting of ADA and TRX might be connected to the staking rewards that eToro is offering for both cryptos, more than the cryptos operating as securities in the United States.
Charles Hoskinson also commented about the matter with a similar stance, stating that this delisting from eToro might not have been the result of regulation activities at Cardano. Charles said that as of now, there is no justification, no regulation activity and no response from any regulation agency that would support the concern over regulation related matter. Charles also thinks that eToro might be making changes to its risk control policy, that resulted in the stripping of liquidity for Cardano.
Cardano and Bitstamp
Despite all hit from eToro, Cardano managed to secure another victory in the market. Cryptocurrency exchange, Bitstamp announced the support of ADA, with trading expected to launch tomorrow. This listing with Bitstamp is quite an impressive achievement, as Bitstamp has a reputation of being one of the oldest running crypto exchanges. This new development highlights that the delisting of eToro will not matter, as Charles mentioned that Bitstamp holds more liquidity than eToro.