Coinbase, the world’s largest cryptocurrency exchange was in the news recently due to listing announcements as well as its new trade directions. It’s in the news again after the exchange acknowledged the growing request of the XRP community to add XRP on Coinbase, a request granted by the Brian Armstrong-led company.
On 25 February, Coinbase Pro announced that:
“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.”
The organization also stated that once sufficient supply was established on Coinbase, trading of the three pairs, XRP/USD, XRP/EUR, XRP/BTC will commence in phases. Coinbase’s release further said:
“XRP trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date.”
What makes this listing so eventful is the fact that the entire XRP community or ‘XRP army’ took a keen interest in getting XRP onboard with Bitcoin [BTC] and Ethereum [ETH]. Coinbase was also in the news when the exchange added wallet support for Litecoin.
After the announcement, XRP received a massive boost of 14%, performing an inverted Bart move. This also resulted in the market cap of XRP shooting up to $13 billion, trailing to Ethereum’s $14 billion.
Over the past several months, Coinbase Pro has been actively expanding its catalog of tokens supported on the platform. In August 2018, it added support for Ethereum Classic [ETC], followed by Basic Attention Token [BAT] and privacy-oriented altcoin Zcash [ZEC] in November.