Coinbase is reportedly adding XRP to its retail platform. This move will give users in select jurisdictions access to XRP. The report was published this Thursday, February 28.
The exchange, which already lists for its retail consumers Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC) to name a few, said it would be adding XRP to its books (coinbase.com, and on its Android/iOS applications). The exchange had this to say via a blog post on their website:
“Coinbase users can now transact the XRP token. Please note that for inbound transfers and many sends you will provide the specification of an XRP destination tag.”
XRP (XRP) Price Today – XRP / USD
XRP Has Been Listed on Coinbase Pro
The XRP digital token was first listed on Coinbase’s professional trading platform (Coinbase Pro) earlier in the week. It is now available for full trading on Coinbase.
While the majority of Coinbase users will immediately gain access to the crypto, U.K. and New York users won’t be able to conduct an XRP transaction yet.
As for XRP’s performance in the market, we understand that the price of the third largest digital currency jumped by 10% 30 minutes after the announcement on Feb. 25. However, XRP has given back a part of its gains. It is now trading at $0.32, according to Binance exchange.
XRP’s price remained stable in the initial 15 minutes following Coinbase’s listing.
Signature Bank Set to Offer Bermuda’s Crypto Startups Accounts
New York-based Signature Bank will soon start to offer full banking services to Bermuda’s financial technology firms. This includes crypto startups that have reportedly struggled to secure accounts over the years.
Via a press release this Thursday, Bermuda’s government announced that Signature would provide U.S. banking services to the licensed fintech firms in the region. This will include 66 startups incorporated in the country.
When approached for comments a Signature Bank representative confirmed that the New York-based bank would be providing the service.
Companies can begin applying for services immediately, according to the Bermudan government.
David Burt, the Premier of the state, said the island’s government has been working to “promote the region as the choice for FinTech companies who are looking for a place to invest in.”
Where Others are Afraid of Treading
Banks have been generally “reluctant” to give banking services to companies dealing with crypto. Burt also explained that there had been concerns about running afoul regarding international regulations. In his words:
“Signature Bank’s decision to consider Bermuda licensed startups for banking services appears to be a significant vote of confidence in favor of Bermuda’s efforts to facilitate a leading high standard when it comes to regulation for FinTech business.”
John Tanberlane, the vice chairman of Signature Bank, said via a statement that his company is “impressed” by Bermuda’s regulatory framework. According to him, his company is looking forward to working “with Bermuda’s Government to help facilitate growth and expansion in the FinTech industry in the country.”
Separately, Joseph DePaolo the bank’s CEO and president weighed in the banks initiative. He highlighted his organization’s collaboration with Signet, its internal blockchain payment tool. He said:
“Signature Bank is one of few US banks that will offer deposit accounts along with corporate debit cards to crypto startups. But we are also seeing non-crypto businesses joining the course as well.”