Blockchain News

Ripple is finally available on Coinbase – but is it there fair and square?

Earlier this week the crypto world was abuzz with news that
Ripple would become available on Coinbase Pro. Yet recent research has argued
that it could be violating one of Coinbase’s listing rules.

Let’s go back a couple of days first. Ripple’s price had
surged by 12% following the Coinbase news; with the proviso that Ripple (XRP)
deposits had to reach ‘sufficient’ levels before trading officially began, deposits
were being allowed as of 1000 PT on February 25.

A blog
post
on the Coinbase website, dated Feb 25, argued that XRP/fiat pairs will
be available in several jurisdictions initially, including non-New York US states,
Canada, Singapore, Australia, the UK, and several other European countries. Coinbase
added that XRP was not yet available on Coinbase.com or via mobile apps.

Coinbase had previously listed in December more than 30 potential
tokens which could be listed the following year, with XRP the first to be
added.

Yet Diar, an industry publication analysing digital currency
and assets, spotted a potential issue with the listing. Writing in its latest newsletter, Diar explained:
“The potential addition of XRP has been a contentious topic within the cryptocurrency
industry for the possibility of the token being labelled as a security. However,
Coinbase has clearly abandoned one of their own pillars for the potential
listing of a cryptocurrency.

“In their ‘Digital Asset Framework’ that outlines
requirements to be listed, the exchange states that ‘the ownership stake
retained by the team is a minority stake’, a fact far from reality as Ripple
holds nearly 60% of the supply in escrow with a release schedule,” Diar added.

So what does this mean? Entrepreneur and investor Alistair
Milne questioned
whether Ripple had paid for its listing, citing on Twitter an ambiguous
response from Elliott Suthers, Coinbase director of communications. Later Miguel
Vias, head of XRP markets at Ripple, responded
that Coinbase’s listing of XRP was their ‘independent decision.’ “We did not
give them anything to make it happen,” Vias added.

According to the most recent figures, XRP saw a decrease of approximately 2.5% over the day.

Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America. 

The post Ripple is finally available on Coinbase – but is it there fair and square? appeared first on The Block.

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