Altcoin News: Coinbase Again Risks Being at the Center of the Insider Trading Scandal, Now with Listing XRP on Coinbase Pro

February 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Coinbase this Monday announced that it has added support for XRP cryptocurrency on its full-featured trading platform, Coinbase Pro.

According to the exchange, cryptocurrency is currently supported in transfer-only mode, that means, users can only transfer funds to their accounts while waiting for the start of trading. After at least 12 hours, the company plans to open other operations to work with XRP, but this period may be delayed.

Initially, access to the XRP will be provided to Coinbase Pro customers from the USA, UK, Canada, Singapore, Australia, and some European countries. The possibility of connecting additional jurisdictions will be considered in the future.

When XRP will be presented on the platform Coinbase.com, aimed at retail users, is unknown. As a rule, this occurs within a few weeks of the release of the asset on Coinbase Pro.

“XRP is the cryptocurrency used by the XRP ledger, which supports international currency exchange and remittances. 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,” explains Coinbase.

It is noteworthy that XRP will be traded in pairs with the US dollar, the euro, and Bitcoin, and not with the stable coin USDC issued by Circle, as it was, for example, in the case of Zcash.

Coinbase, however, again risks being at the center of the insider trading scandal, as it did with Bitcoin Cash in 2017. As some Twitter users rightly point out, trading volumes and the XRP rate began to grow steadily 2 and a half hours before the official announcement was published.

Last April, Bloomberg reported that the two largest American exchanges Coinbase and Gemini flatly refused to list XRP, despite their active interest and willingness to provide a generous reward to Ripple, the issuer of the cryptocurrency, fearing problems with regulators.

Author: Marko Vidrih

Image via Twitter