Coinbase Pro adds support for Ripple’s coin, XRP. The crypto trading platform and wallet service Coinbase announced the development in a blog post.
XRP soon will be tradeable on Coinbase Pro
The exchange released the blog post on February 25th and stated that they would support XRP. Coinbase was founded in 2012 and is a digital currency wallet and platform. They aim to be the most trusted and the easiest platform to use, according to their website. They stated that Coinbase Pro would begin accepting transfers after 10 am on February 25th. After a certain amount of time, they will enable full trading.
However, once enough supply of the XRP becomes available on the platform, trading against USD, EUR and BTC will start. It will start in phases beginning with post-only mode. The platform will enable full trading once their the market is healthy, according to their metrics. Trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Coinbase might add new jurisdictions at a later date.
The trading will go through four stages; “transfer-only,” “post-only,” “limit-only,” and “full trading. The first two stages will enable users to transfer the crypto to Coinbase Pro accounts and post limit orders. The following two will allow customers to match limit orders and engage in full trading.
Why was not XRP tradable on Coinbase earlier?
However, Coinbase added support for many other cryptocurrencies before XRP. A couple of months ago they added support for BAT, ADA, XLM, ZEC and ZRX. The exchange stated that they would meet the demand from clients and add many more assets are moving forward. While it is great news for investors, it was a bit confusing that they did not add support for XRP. Especially since the asset is among the three biggest digital assets when speaking of market capitalisation, according to Coinmarketcap.com.
About two months ago, Coinbase revealed why they did not want to add support to XRP. Everything boils down to whether or not the crypto is a security. The decision may hinge on whether or not Ripple will accept the outcome. As a result, until the courts decide whether XRP is security or not, most major cryptocurrency exchanges may not take the chances of implementing the digital asset. However, it seems like it is not a concern anymore since Coinbase lists the cryptocurrency.
At the time of writing, XRP gained around 5
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