Retail traders on Coinbase cryptocurrency exchange can now trade Ripple’s XRP token on Coinbase.com and its mobile platforms, the exchange has announced.
“Starting today, Coinbase supports XRP at Coinbase.com and in the Coinbase Android and iOS apps,” Coinbase wrote in a blog on its website on Thursday.
As reported, the U.S.-based exchange had first introduced support for XRP to Pro users on the Coinbase Pro platform in a 4-stage process. The exchange at the time noted that it will make a separate announcement when XRP is introduced for its retail customers.
Thursday’s introduction of XRP to Coinbase.com and the mobile apps came a lot earlier than expected as the exchange typically adds tokens to the retail platform a few weeks after it debuts on the Pro platform.
According to the announcement, the service will be available for most of its jurisdictions with the exception of residents of the United Kingdom and the U.S. state of New York.
Controversy about Coinbase XRP Listing
Before the listing, there has been a clamor from various sections of the crypto community calling for the listing of XRP especially after Coinbase listed Ethereum Classic (ETC), Zcash (ZEC) and a number of ethereum-based tokens.
The exchange has been listing new coins based on its revamped listing guidelines detailed in its “Digital Asset Framework.” The exchange explained that most of its customers are asking for more coins to be listed on the exchange and XRP is just one of the many coins it was considering.
Following the announcement, however, a blockchain research firm has faulted Coinbase decision. Diar, which releases a weekly crypto newsletter for Institutional investors, claimed that Coinbase violated its listing protocol to accommodate XRP.
Diar cited a portion of the Digital Asset Framework which read:
“The ownership stake retained by the team is a minority state. There should be a lock-up period and reasonable vesting schedule to make sure that the team is economically incentivized to enhance the network into the future.”
It claimed that Ripple holds around 60 percent of the supply in escrow with a release schedule.
Ripple Exec says it Did Not Influence Coinbase Listing
Ripple’s Head of marketing Miguel Vias has declared that Coinbase acted on their own in listing XRP putting to bed rumors that Ripple offered the exchange an incentive.
“We’re happy to go on the record. Coinbase’s listing of XRP (also, not “our token”) was Coinbase’s independent decision – we did not give them anything to make it happen.”