Why Has Coinbase Not Added Ripple (XRP) Into Its Crypto Trading Platforms?
In this regard, one of the alt currencies that the platform was looking to incorporate was the XRP token (currently the world’s second most valuable crypto coin by total market cap).
Over the course of the past few months, the folks over at Coinbase have repeatedly expressed their desire to list XRP on their exchange-interface. However, it now appears as though many investors are not satisfied by the firm's recent actions since they have time and again avoided listing XRP, even though they have added support for tokens like Decentraland (MANA) earlier this month.
So Why is Coinbase Not Listing XRP?
Some of our readers may remember that earlier this week, Coinbase VP, Dan Romero, stated in an interview that he wants his company to eventually list “90 percent of the world’s legally compliant assets” as long as they fulfill certain quality requirements.
Additionally, he also spoke about how in the near future Coinbase wants to provide people with a host of trading options (much like the way in which the conventional traditional stock market works).
Romero then went on to add:
“Our recent shift in strategy is really driven by customers. When we asked customers the number one thing they want, they told us it’s adding new cryptocurrencies to the platform. With a traditional stock exchange, they list everything above a certain quality bar. And ultimately investors and individuals make decisions on what to invest.”
.@dwr on adding new assets: “With a traditional stock exchange, they list everything above a certain quality bar. And ultimately investors and individuals make decisions on what to invest.”
— Coinbase (@coinbase) December 11, 2018
More On The Matter
With Coinbase repeatedly claiming that its number one priority right now is to “add new and unique crypto assets” to its native platform, over the past month or so, there have been many investors who have questioned the inability of the exchange to add XRP (despite it being the second largest cryptocurrency in the world).
In this regard, this cautious approach taken by Coinbase could be due to a pending court case between Ripple Labs and a group of investors who are alleging that the asset is a ‘security’.
Also, on the matter, SEC chairman Jay Clayton said that the commission is still awaiting a decision on whether the Federal court deems XRP to be a security or not (so as to then take further action on the matter). On the aforementioned issue, Clayton went on to say:
“The question I get most frequently: ‘do you think XRP is a security?’ Unfortunately, I can’t answer without giving legal advice. Even if I could, I’d only be speculating about what a judge or jury may decide and what Ripple is willing to accept in a settlement. Just have to wait.”
Till we hear more from the US federal court in relation to the above stated matter, it is quite safe to assume that we will not be seeing XRP on Coinbase anytime soon.