Today, we’re excited to announce that Fireblocks is launching support for Cardano. Fireblocks users can now store and transfer Cardano’s native token, ADA.
Cardano is a public blockchain and smart contract platform that is utilizing peer-reviewed research to build a “more balanced and sustainable ecosystem” for crypto.
Fireblocks supports over 500 tokens and 20+ protocols, and we’re adding new integrations every quarter. Check the full list of tokens available on the Fireblocks platform here.
Institutional ADA access is now available with Fireblocks
Effective immediately, Fireblocks users can now:
- Store Cardano (ADA) in their Fireblocks Vault
- Transfer ADA on the Fireblocks Network or via deposit address
- With Fireblocks’ REST API, users can also launch ADA token support for retail customers and users.
About Cardano (ADA)
Cardano’s founding team, led by Ethereum co-founder Charles Hoskinson, developed the protocol with the aim of avoiding certain pitfalls suffered by its first- and second-generation blockchain predecessors.
Some of the blockchain issues the Cardano team looks to circumvent include:
- Energy consumption
- Ability to interact with regular money
In order to solve these issues and others, Cardano has adopted a peer-reviewed approach to blockchain development, inspired by the world of science publishing. This means that every time Cardano launches a new feature, a group of academics reviews and approves the changes using the network’s consensus algorithm, Ouroboros.
Cardano also uses PoS (proof-of-stake) rather than PoW (proof-of-work) to verify transactions. This means it uses significantly less electricity than a protocol like Ethereum, which uses PoW; in general, proof-of-stake advocates believe their method makes blockchain networks more secure while reducing power consumption and carbon footprint.
In a milestone for the platform, Cardano launched smart contracts on testnet in May 2021, with a mainnet launch to follow later this year.
 Decrypt.co, “What is Cardano (ADA)? | The Beginner’s Guide.”