Cardano founder Charles Hoskinson criticized Gemini for refusing to list ADA, claiming that the decision cost the platform $70 million in lost revenue.
In an interview with Blockchain Daily, Hoskinson highlighted that Gemini is the only major cryptocurrency exchange that does not support ADA, despite its widespread adoption and popularity.
Gemini refuses to post ADA
He highlighted that ADA is currently a top 10 cryptocurrency traded on Binance, Coinbase, and other major exchanges. However, despite the token’s prominence in the industry, Gemini disparaged ADA and refused to list it for trading on its platform.
Rather than attributing the situation to technical limitations, Hoskinson attributed the situation to a puzzling business decision. He further suggested that the issue may stem from a misunderstanding involving one of Gemini’s founders, Tyler or Cameron Winklevoss, rather than a shortcoming of Cardano or its technology.
Gemini missed out on $70 million by not listing ADA
Hoskinson pointed out that Gemini paid a heavy financial price for refusing to list ADA. Citing Cardano’s historical performance and trading activity, he said internal estimates suggest Gemini could have generated more than $70 million in fees had it been listed on ADA.
In his view, while competitors capitalized on ADA’s popularity, someone within the organization ultimately made a decision that hurt the exchange. During the interview, he said that he raised this issue directly with one of Gemini’s co-founders, the Winklevoss twins, during a meeting in Washington, DC.
Despite direct questions about Gemini’s refusal to list ADA, the exchange has so far shown no signs of changing its stance. He noted that Gemini’s refusal to list ADA reflects broader issues in the industry, where some exchanges are proving difficult to cooperate with.
ADA remains resilient among top 10 cryptocurrencies
Meanwhile, Hoskinson pointed to ADA’s longevity and resilience as evidence that Gemini’s stance is increasingly divorced from market reality. He emphasized that while the composition of the top 10 cryptocurrencies has fluctuated repeatedly since 2017, Cardano has consistently remained in the ranking.
For context, Cardano emerged as the third largest cryptocurrency in 2021, with its price peaking at $3.10 in September 2021. ADA has since plummeted to around $0.35, but is still ranked as the 10th largest cryptocurrency on CoinMarketCap.
According to Hoskinson, this longevity underscores ADA’s durability, making Gemini’s decision to avoid listing the token controversial and financially costly.