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Silicon Valley giants Coinbase are adding XRP support on its professional offering, Coinbase Pro. Coinbase announced developments in an official blog post on February 25th.
Coinbase Pro will now accept XRP deposits for a minimum of 12 hours prior to enabling full-scale trading. Coinbase claims it wants to establish sufficient liquidity on the platform before opening trading pairs in U.S. Dollars, Euro’s and Bitcoin, which will be done in phases. Full-access trading of XRP will be available to customer in the U.S., Canada, the Eurpoean Union, The U.K., Singapore and Australia. Coinbase notes that it will expand its services to other counties at a later undisclosed time.
XRP trading will be initiated in four stages, the first of which is “transfer-only”, followed by “post-only”, “limit-only”, and “full trading”. The first two stages will enable users to transfer XRP to their Coinbase Pro accounts and post limit orders. The subsequent two will allow users to match limit orders and fully trade with XRP.
Over the past several months, Coinbase Pro has been earnestly expanding its catalog of tokens supported on the platform.In August 2018, it added support for Ethereum Classic (ETC), shortly followed by the Basic Attention Token (BAT) and the well-known privacy coin Zcash (ZEC) in November. Support for the aforementioned tokens was later expanded to Coinbase’s retail platform Coinbase.com and its mobile app. It wouldn’t be unreasonable to think XRP is going to receive similar treatment, and if it does, things could get quite interesting to say the least.
The addition of Ripple to Coinbase has been long-awaited by the crypto community. In January of last year, Coinbase CEO Brian Armstrong halted rumors that the exchange was adding support for XRP in the short term. Following Armstrong’s announcement, the market value of XRP crashed from over $148 billion to $126 billion.
Given recent history regarding Coinbase’s decision to supply support for various coins and tokens alike, it’s not as farfetched as it sounds for it to be adding plenty more popular and well-versed crypto to its resume. Watch this space.
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