One of the top crypto exchanges in the industry, Coinbase has been going from strength to strength. Yet, it too is not immune to the effects of the downturn of prices that have hit the market a few months ago. That has not stopped the exchange from offering new coins, making bold announcements and releasing updates. One that caught the community's attention was their addition of XRP to the list of coins on offer.
Earlier in the week, an official notification from Coinbase stated
“After 10 am 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. Please note that inbound transfers require the specification of an XRP destination tag.”
Following these developments, the coin quickly climbed to be one of the top 5 traded assets on the platform. In terms of trading volumes, post revel, the exchange has seen a total of $67 million worth of trade of Bitcoin, Ethereum, Litecoin, and XRP, in that order. In less than a week the cryptocurrency has overtaken Bitcoin Cash with a little nearly $4.5 million worth of trade, accounting for almost 10 percent of their daily transactions. Not too shabby for a coin listed less than a week ago. XRP, with a value of $0.31, will now look to usurp Litecoin but has a fair way to go to overtake its $9.6 million trade worth.
In the midst of all this, it is easy to forget the subsection of the community who are not too pleased with this latest induction. A portion of the Coinbase users has criticized the platform for, effectively, abandoning its own Digital Asset Framework to include their latest offering. The website has noted that the framework is an acknowledgment of the fact that
“projects around the world are issuing new blockchain assets of all types. We’re striving to give quality projects access to quality customers who have chosen Coinbase as their preferred platform to buy, sell, store and use cryptocurrency.”
An online source contended,
“The potential addition of XRP has been a contentious topic within the cryptocurrency industry for the possibility of the token being labeled as security. And as far as the exchange’s own mission of an ‘Open Financial System’ is concerned, the addition of XRP falls in line with the hopes of addressing the remittance market.”
Since Ripple holds more than $5 billion worth of XRP, it is hardly in line with Coinbase’s Digital Assets Framework.
The exposure of one of the most successful coins in recent times on such a renowned platform is good news for both the token and the crypto exchange. One can only hope that it spurs on further trading and ensures the stable run continues, which will undoubtedly provide the bedrock for a price hike once things settled down even though the Coinbase effect has been a factor for many price runs for other coins included.