Coinbase announced that it will allow its users to trade XRP, a cryptocurrency created by Ripple. The move underscores confidence in XRP’s regulatory status.
Coinbase, considered one of the more conservative exchanges, is allowing customers to buy and sell XRP, a digital asset tied to a blockchain ledger used for cross-border payments.
«After 10am on February 25, 2019 we will begin accepting inbound transfers of XRP to Coinbase Pro. We will accept deposits for a minimum of 12 hours prior to enabling full trading,» said Coinbase in a company post.
«Once sufficient supply of XRP is established on the platform, trading on the XRP/USD, XRP/EUR, and XRP/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.»
Defying Market Sentiments
Despite a drop-off in investor interest for cryptocurrencies, Coinbase has sped up the rate at which it lists new tokens. Higher trading volume and listings allow the exchange to collect more fee-based revenues.
It went ahead to offer XRP to the public before waiting for regulators to decide whether XRP qualifies as an unregistered security. Obervers are concerned that the U.S. Securities and Exchange Commission could bring a hammer down on Ripple and other sellers of cryptocurrency.
The virtual coin XRP has stirred controversy due to its tangled history with Ripple, a startup that owns the vast majority of XRP—a stockpile worth billions of dollars—in reserve.