When Will Coinbase Add Ripple?
Crypto-custody solution received its first approval during last month by the Department of Financial Services. The Coinbase has listed the cryptocurrency it is interested in. One of them was the Ripple token (XRP).
The addition of the ripple (XRP) to the Coinbase means that it will be stored, bought, and sold at one of the biggest platforms of the world. This can give the boost to sell and purchase of the XRP and can cause a rise in the price. People who already purchased or supporting it are having high hopes from this news.
However, there are some debates over the inclusion of ripple to the Coinbase which can cause problems to the addition of ripple in the Coinbase.
Ripple or XRP? Confusion
As ripple and XRP both have issues within themselves. There is a confusion that whose logo will be used. This difference supposedly shows the division between the company and its coins. This point shows that XRP is not centralized.
However, Coinbase has used both the logos time to time on the websites. It makes even more confusing and raises the question of whether Coinbase has gained permission from the Ripple Labs to represent the logo or it was just a mistake.
Ripple control over XRP
Ripple does not have control over the XRP. This means even if the Ripple Labs goes bankrupt XRP can
continue. But Ripple is trying to bring XRP under it. This shows that there is an internal fight is going on between them and there is no sign it is going to end soon. The Coinbase is also not showing any interest in that dispute leaving them to solve on their own.
Custody vs. Trading
Coinbase provides various facilities or services. Coinbase custody is one of them. In this ripple is one of the major coins that has been added. But Coinbase is one of the leading platforms for the cryptocurrency exchange and ripple has not been added to it till now.
This type of behavior is affecting the trust of the investors of ripple and can cause the loss of new
users in the XRP.
Security can be defined as a fungible negotiable financial instrument that holds some kind of monetary value.
Some believe that the present condition is because of the XRP's potential status as security. This
can create problems for the user who is new to the cryptocurrency world. As it creates regulatory difficulties for them but the custody providers can easily store the securities.
So from the above points, you can conclude the answer to the question “When Will Coinbase Add Ripple?” and that answer is not soon enough.
But this should not dishearten you as there are other exchanges that provide you the service of the buying and selling of the XRP.