Coinbase Pro Adds XRP to Exchange
At long last one of the top cryptocurrency exchanges has added support for one of the most popular digital assets. This week Coinbase announced that it was bringing Ripple (XRP) to Coinbase Pro, joining other coins such as Bitcoin, Etherum, Litecoin, and others. Since the announcement, XRP has seen prices increase by more than 3% and is currently trading at around $0.32 per coin.
In a blog post Coinbase announced that, as of 10 am on February 25th, XRP was available to Coinbase Pro customers in every state except New York. Internationally support for Ripple was rolled out to users in Canada, the United Kingdom, Singapore, Australia, and supported European Union member nations. The exchange not only acknowledged that the development comes at the behest of users but also teased future expansions, saying, “One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.”
As News BTC notes, this news marks a departure from how Coinbase and other exchanges have been operating until this point. Due to regulatory concerns surrounding XRP — which some suggest is actually a security and should be treated as such — those looking to stay on the right side of the Securities and Exchange Commission have shied away from listing the asset. At the same time XRP has grown into the third largest crypto asset by market capitalization and has, at times, even overtaken Ethereum for the number two ranking. Thus it seems that the customer demand was enough for Coinbase to take their chances. Attorney Jack Chervinsky seems to feel similarly, taking to Twitter to warn, “It’s tempting to speculate about the legal implications of Coinbase’s decision to list XRP, but there are too many variables at play to draw any solid conclusions. The only reasonable inference is that Coinbase believes the benefits outweigh the costs (including legal risks).”
As Chervinksy notes it’s like be too early to tell what impact Coinbase’s support for Ripple will have on the coin and vice versa. Still this seems like a long time coming considering the popularity XRP holds (or “hodls,” if you will) in spite of the obstacles in front of it. With Coinbase now apparently on the front lines of the coin’s regulatory battle, perhaps the company’s embrace of XRP could have a ripple effect among other exchanges in the near future.