Coinbase, a leading United States-based crypto exchange, and digital assets trading platform has announced the listing of XRP, the altcoin created by Ripple Labs, as per reports from an official blog post, February 25, 2019.
XRP Finally Goes Live on Coinbase
Coinbase crypto exchange has announced the listing of the controversial XRP altcoin, though the initial roll out will initially only be available on Coinbase Pro. Furthermore, Coinbase has reexplained that there will be four stages of the XRP listing, writing:
“After 10am 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.”
Specifically, the firm has noted that the four stages of XRP listing are: “Transfer-only,” Post-only,” “Limit-only,” and “full-trading.”
Accordingly, the “Transfer-only” stage begins at 10 am PT on February 25, 2019, and crypto traders on the Coinbase Pro platform will be able to transfer XRP into their accounts but they will not be able to place orders, as the order books will be in transfer-only mode for a minimum of 12 hours.
In the “Post-only” stage, traders will be allowed to start posting limit orders, but there will be no matched orders as the order books will be in the post-only mode for at least one minute.
In the same vein, the “Limit-only” stage will see limit orders getting executed, but traders will not be able to submit market orders. Order books will be in Limit-only mode for a minimum of ten minutes.
In the fourth and final stage, Full-trading will go live on the platform and limit, market and stop orders will be available to traders.
If all goes as planned, the new listing will bring the total number of cryptoassets on Coinbase Pro to 17, including BTC, DAI and ETH.
Why is a Coinbase Listing Important?
Although XRP is listed on a vast array of crypto trading platforms and exchanges including Binance, Kraken and others, the listing of XRP by Coinbase represents a significant milestone for Ripple and the altcoin considering the fact that the exchange is the largest and most valuable crypto exchange in the U.S., coupled with the fact that the exchange only lists decentralized tokens.
In essence, the listing of XRP by Coinbase may signify that the altcoin is neither centralized nor a security token after all. .
In April 2018, reports emerged that Ripple had tried to bribe some top U.S.-based exchanges like Gemini and Coinbase to add support for XRP, but the move didn’t work out as planned.
Though Coinbase has reportedly declared that it decided to list XRP on merit, many crypto enthusiasts have taken to Twitter to criticize the move, arguing that the exchange could carry out insider trading with XRP. Crypto_Bitlord wrote: