Coinbase announced it plans to add XRP, one of the world’s most controversial cryptocurrencies, to the list of virtual coins traded on its exchange, the company said Monday in a blog and on twitter.
When XRP?? Now! XRP/USD, XRP/EUR, and XRP/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XRP in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/MWUtUm4wRh
— Coinbase Pro (@CoinbasePro) February 25, 2019
XRP is a digital asset tied to a blockchain ledger that’s used for cross-border payments. The virtual coin has been the topic of discussion for its history with Ripple, a startup that currently owns the vast majority of XRP..
With SEC regulators like Hester M. Peirce Pearse stating that their opinion that XRP may not be an unregistered security, and the option for the SEC to issue “No Action” letters existing, it seems as though coinbase feels comfortable adding the coin to it’s lineup.
Additionally, Coinbase’s acquisition of a broker-dealer license last year may provide the company some regulatory cover should the SEC decide to get tough, a source familiar with Coinbase’s decision told Fortune.
Rivals like Binance, have rose to become the industry’s biggest by trading volume. In adding XRP, Coinbase may be pushing the envelope and ditching its longtime cautious, wait-and-see approach.
In an apparent attempt to avoid market manipulation, Coinbase said it would roll out the XRP listing in phases, beginning with a 12-hour period where it is accepting inbound XRP deposits. After that, the company said it would begin to fulfill orders and execute trades.
Coinbase said it would list XRP first in Canada, the UK, Singapore, various European Union member nations, and the U.S., excluding New York. In response to the news, XRP’s price jumped 10% to $0.33 by mid-afternoon.
“One of the most common requests we receive from customers is to be able to trade more assets on our platform,” Coinbase wrote in a blog post announcing the news. “[W]e anticipate supporting more assets that meet our standards over time.”
XRP is currently trading at $00.32 at the time of writing this article.