Crypto exchange Coinbase have announced that they are launching support for XRP on its professional trading platform, Coinbase Pro. Ripple’s XRP is the third-largest cryptocurrency by market capitalization.
The listing will be in transfer-only mode in the beginning, meaning users will only be able to deposit tokens. The support for XRP will only be available for Coinbase Pro users in the United States (excluding New York State), the UK, supported European Union nations, Canada, Singapore and Australia, with additional countries perhaps being added at a later date.
They began accepting inbound transfers of XRP from 10am on February 25 and said they’d accept deposits for a minimum of twelve hours prior to enabling full trading. They wanted to ensure ample liquidity on the platform, opening pairs in USD, Euro and BTC in phases.
There are four stages to XRP trading. Transfer-only and post-only will allow users to transfer XRP to their accounts and post limit orders. Limit-only and full trading will enable customers to match limit orders and fully trade with XRP.
XRP Not Yet On retail Platform
XRP is the cryptocurrency used by the XRP ledger, and a coinbase blog post said: “The ledger is powered by a network of peer-to-peer servers. All accounts on this network can send or receive XRP to/from each other, while XRP can be used to send underlying fiat currencies between two parties. In this way, XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network”.Coinbase Pro has been expanding its catalogue of tokens on the platform adding ETC , BAT and ZEC over the past six months. XRP is not available on their retail platform, Coinbase.com and they say that they will make a separate announcement “when that occurs”.