Cardano Founder Says Gemini Lost Over $70 Million by Not Listing ADA

Cardano founder Charles Hoskinson has criticized Gemini for refusing to list ADA, arguing that the decision cost the platform $70 million in lost revenue.

Speaking in an interview with Blockchain Daily, Hoskinson highlighted Gemini as the only major crypto exchange that does not support ADA, despite the token’s widespread adoption and popularity.

Gemini Refuses to List ADA

He emphasized that ADA is a top-10 cryptocurrency currently trading on Binance, Coinbase, and other major exchanges. However, despite the token’s prominence in the industry, Gemini has snubbed ADA, refusing to list it for trading on its platform.

Rather than attributing the situation to technical limitations, Hoskinson framed it as 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 any shortcomings with Cardano or its technology.

Gemini Missed Out on $70M by Not Listing ADA

Hoskinson noted that Gemini has paid a significant financial price for its refusal to list ADA. Citing Cardano’s historical performance and trading activity, he said internal estimates suggest that Gemini could have generated more than $70 million in fees had it listed ADA.

In his view, someone within the organization made a decision that ultimately hurt the exchange, while competitors capitalized on ADA’s popularity. During the interview, he recounted raising the issue directly with one of the Winklevoss twins, Gemini’s co-founders, during a meeting in Washington, D.C.

Despite directly questioning Gemini over its refusal to list ADA, the exchange has so far shown no sign of changing its stance. He noted that Gemini’s refusal to list ADA reflects a broader issue in the industry, where a few exchanges have proven difficult to work with.

ADA Remains Resilient Among Crypto’s Top 10

Meanwhile, Hoskinson pointed to ADA’s longevity and resilience as evidence that Gemini’s stance is increasingly out of step with market realities. He emphasized that while the composition of the crypto top 10 has shifted repeatedly since 2017, Cardano has consistently remained in the rankings.

For context, Cardano rose to become the third-largest cryptocurrency in 2021, with its price peaking at $3.10 in September 2021. Although ADA later suffered a sharp decline to around $0.35, it still ranks as the 10th-largest cryptocurrency on CoinMarketCap.

According to Hoskinson, this longevity highlights ADA’s durability, making Gemini’s decision to avoid listing the token both controversial and financially costly.