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While the trend has created a wider demand for so-called “altcoins” as a way to get crypto exposure while avoiding violent price fluctuations, it has generated a particularly strong tailwind for one of them: cardano. Once little-known, this digital coin recently came out of nowhere to become the third-largest cryptocurrency, after bitcoin and ethereum. Its stratospheric rise has been fuelled in part by blockchain enthusiasts hunting for more climate-friendly options as the world becomes more aware of the environmental impact of crypto.
What is cardano and does it belong in your investment portfolio? Here’s what you need to know.
What is cardano?
Cardano is an open-source Swiss blockchain platform with its own native coin called ADA. The cardano project was co-created by ethereum co-founder Charles Hoskinson in 2015, and launched in 2017…