Zero Fee Exchange COBINHOOD Lists XRP and NEM, Adds Margin Trading Too
COBINHOOD Plans to List XRP – Possible Bull Run to Come?
Proclaimed zero-fee crypto exchange, COBINHOOD has recently revealed its plans to list the XRP token as of Friday, October 19, 2018. Some of the trading pairs that will be made available in the meantime include XRP/USDT and XRP/BTC.
According to Ethereum World News, who has reported on this matter, another token will also be listed on Cobinhood, which is none other than XEM, which will be paired against USDT and BTC as well. At the time of writing, COBINHOOD’s Margin Trading and Funding service has also officially launched.
— COBINHOOD (@COBINHOOD) October 19, 2018
New Margin Trading Feature Crushes Limitations
Margin Trading supposedly increases once trading activities, as users can trade more than what they would normally be able to. It also houses a short selling feature, which will allow users to increase their “financing flexibility” and increase their returns on investment. As per the official website, “margin funders can provide cryptocurrency funds to margin traders in return for interests earned on the funding amount provisioned.”
Co-Founder of COBINHOOD, Wei-Ning Huang has expressed excitement in finally launching the margin trading feature. He believes this move will surely contribute towards the overall functioning of the COBINHOOD platform. He also shared the following:
“Unlike other cryptocurrency exchanges, at COBINHOOD, we are constantly innovating our features and services to support traders […] We look forward to offering innovative features that will keep the industry moving forward as it grows.”
What Does This Mean For The XRP Market?
Sentiment and market news typically have the tendency to drive any given market, therefore, many are predicting that the XRP price will go up. According to the same news outlet, a bullish trend is said to be in the making, as the XRP token has seen similar trends in the past due to the launch of Ripple products and its overall adoption.
Do you think the new listing will drive XRP’s prices up? Does it make sense to associate XRP with Ripple products, as previously mentioned? Let us know in the comments below.