As one of the most promising crypto projects out there, Cardano (ADA) is on investors' radar as the next Ethereum. Where can you buy Cardano? Is it available on Robinhood?
Cardano is considered a third-generation blockchain, meaning it improves on what the likes of Bitcoin and Ethereum have brought to the crypto table. Launched in 2017, the project is led by Charles Hoskinson, who was part of the Vitalik Buterin-led team that founded Ethereum.
What's Cardano used for?
Being a programmable blockchain, Cardano lets developers build apps on top of it, like Ethereum. Additionally, it supports smart contracts and hosts hundreds of DeFi and Web3 projects. Projects built on Cardano track fresh agricultural produce from the farm to fork, help retailers in their fight against counterfeit goods, and record and store academic credentials in a tamper-proof manner.
The network's native cryptocurrency is ADA, which performs a variety of functions in addition to facilitating transactions on Cardano. ADA holders can participate in Cardano governance issues and shape the project's future. The coin's supply is fixed at 45 billion.
Is Cardano (ADA) a good investment?
ADA is cheap to buy now and has enormous potential to be the next Ethereum. Cardano, one of the most sustainable blockchains, uses the proof-of-stake (PoS) model, which consumes significantly less energy than the proof-of-work (PoW) mechanism used by Bitcoin and Ethereum.
The Cardano network is being improved consistently, and as the blockchain adds more features, projects are jostling to launch there. The growing adoption should drive ADA's demand and boost its value over the long term. Whereas the highest price ADA has attained is just over $3, Ethereum’s Ether coin has approached $5,000.
Cardano is also funding reforestation efforts. In partnership with Veritree, the Cardano Foundation has funded the planting of more than a million trees around the world.
Where to buy Cardano while it’s still cheap
As a major cryptocurrency, ADA is easily accessible. You can buy the crypto on major exchanges, such as Coinbase, Binance, Kraken, and KuCoin.
Can you buy Cardano on Robinhood?
Robinhood lets you trade cryptocurrencies commission-free, making it a favorite app among small investors. Whereas Robinhood currently supports a limited number of cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Dogecoin) and Cardano isn’t one of them, the broker plans to expand its crypto support.