Towards the end of 2017, Ripple attempted to get listed on Coinbase , one of the biggest cryptocurrency exchanges in the world. Ripple were not listed on Coinbase, at least not yet and there were a number of rumours as to why Ripple XRP was not listed. Hence the Ripple Coinbase sage goes on, however, there may still be hope. Recent development from both parties mean that we may see Coinbase list Ripple XRP.
Why was Ripple attempt rejected?
It is rumoured that Coinbase decided not to list Ripple XRP, due to their debated status as a security. While this has not actually being decided, many believe that Ripple XRP is a security while others feel it is not. As a result it is believed that Coinbase decided to reject listing Ripple XRP at the time.
It is also rumoured that Ripple offered Coinbase a sum of up to $100 million, to be listed on the exchange. This caused an obvious divide in the community as many argued it is immoral to make money for the benefit of listing a coin, which they would make further money through the sale of.
Finally the ongoing issue of whether or not Ripple is in fact centralised, given the nature of how the company is set up and is looking to work directly with banks. This is another controversial issue, although is possibly the least likely of the reasons as to why Ripple has not yet been listen on Coinbase
Why might Coinbase list Ripple XRP?
We reported recently that Coinbase are in the process to become a regulated securities broker, pending approval by the SEC. Should Coinbase acquire this license they will be able to begin to add blockchain backed security tokens. Effectively crypto-securities. This could be public stocks but purchased will stored on a blockchain (distributed ledger), rather than with brokerage firms.
If Coinbase aquire this license, it would not actually matter what the categorisation of Ripple XRP was. Coinbase would be able to offer tokenised securities, and this would include XRP if it was categorised as a security in the future.
Even more convincingly is the launch of Coinbase Pro, the brand new professional trading platform which Coinbase have release. Gdax Becomes Coinbase Pro on June 29th, 2018. We can assume that following this news combined with the attempted securities broker license, Coinbase are looking to expand not only their user base but also offer a trading platform which competes at the very top of the exchanges.
This could mean that Coinbase are going to look at listing more cryptocurrencies in the near future. They announced 12th June that they will be listing Ethereum Classic, causing the price to spike 25% almost immediately.Follow us on Social Media: