Coinbase, the highest valued crypto currency venture in the US has announced that it has enabled full support for trading Ripple (XRP), adding to the list of virtual coins traded on its exchange platform, Coinbase Pro.
Ripple is a digital asset that is tied to a block chain ledger and is essentially used for secure, cross-border payments.
It is usually grouped with other common crypto currencies, however, its purpose serves different as it also functions as a decentralised payment settlement solution for banks and financial institutions.
The XRP protocol is viewed as the most sophisticated as several big banks worldwide are already adopting it.
This new development is the latest manifestation of Coinbase’s shifting market strategy, from Bitcoin-centric to a multi-asset focus, after ongoing pressure to keep up with foreign rivals such as Binance, who has risen to become the industry’s largest platform, based on trading volume.
Dan Romero, Vice President of Coinbase’s Institutional division states
“the multi-faceted company has embarked on a mission to support as many assets as legally viable”.
Coinbase announced XRP would first be listed in Canada, UK, Singapore, various European Union member nations, US (excluding New York) and Australia.
As expected when Coinbase announced the news that they were adding a new coin to their exchange platform, there was a significant increase in the trading volume of Ripple, which saw the price spike.
At the time Ripple’s price jumped eleven per cent to $0.335 by the mid afternoon with a total market cap of $13.9 Billion and a 24-hour market volume of $972 Million.
Coinbase posted about the announcement in a blog post stating,
“One of the most common requests we receive from customers is to be able to trade more assets on our platform. We anticipate supporting more assets that meet our standards over time”.
Coinbase has revealed that the launch of Ripple on their platform ill take place in four vital stages;
- Transfer only
- Post only
- Limit only
- Full trade mode
You will be made aware of each stage as it opens separately through the Coinbase Twitter page @coinbase .