Coinbase, a Crypto trading platform and wallet service provider based in the United States, has announced via its official blog post that it will be supporting the Ripple XRP token. The token will be added onto Coinbase Pro which is the company’s professional offering platform.
Coinbase Includes XRP Trading On The Coinbase Pro Platform
According to the announcement made on the 25th of February, Coinbase Pro will henceforth be accepting XRP token deposits for twelve hours minimum before full trading is enabled. The company has stated that it will be establishing adequate liquidity on the platform firstly and initiating in phases trading pairs with the dollar, euro and Bitcoin.
Coinbase users based in the United States, Australia, Canada, United Kingdom, the European Union and Singapore will be the first to enjoy full trading on the platform. The company is expected to roll out the service to other jurisdictions at a later date.
Trading in XRP on the platform will be rolled out in four stages, these stages being the ‘transfer only’ stage, the ‘post only’ stage, the ‘limit only’ and the ‘full trading’ stages. With the first two stages the users will be able to transfer their XRP token holdings to the Coinbase Pro accounts and post limit orders. The last two stages will enable the users match limit orders as well as trade fully on the platform using the XRP token.
Expansion Of Token Listings On The Coinbase Platforms
Coinbase Pro has been seen to be expanding the token listing catalogue on the platform over the recent months. Late last year, in August, the platform announced the inclusion of ETC (Ethereum Classic) to the list of tokens supported on the platform. In November, the firm followed up this addition with that of the BAT (Basic Attention Token) and ZEC (privacy focused Zcash altcoin). These tokens were later included in the main retail platform of the company, Coinbase.com, as well as on the mobile application.
The Crypto community has been anticipating the addition of the XRP token on to the Coinbase platform for a while now. Early last year the exchange’s chief executive Brian Armstrong disclaimed rumours insinuating Coinbase was considering the addition of the XRP token for a limited time. This announcement saw XRP’s market value shed off a $22 billion dropping from $148 to $126 billion.
Coinbase which is one of the oldest Crypto exchanges in the market was previously considered the most conservative mainly due to the fact that it operates under the strict regulation of the SEC (Securities and Exchange Commission). With an initial listing of less than ten digital tokens, the exchange has been actively pursuing the listing of more tokens and digital currencies on its platforms.
Listing Procedures On Coinbase
In September, Coinbase announced the revamp of its listing process which would promote faster addition of digital assets on the platform. The exchange however clarified that its new listing process would only be applicable to local regulations compliant assets. As a result digital assets listed on the platform are often available only to users in particular jurisdictions.