Coinbase Pro, the US-based crypto trading platform of Coinbase has added support for Ripple’s XRP token. Coinbase declared the expansion in an official blog post on Feb. 25. The support for XRP will primarily be open for Coinbase Pro users in the US (excluding NY), the UK, established European Union member countries, Canada, Singapore, and Australia. Supplementary controls may be added at a later date.
As per the announcement, the company will begin taking inbound transfers of XRP to Coinbase Pro. It will take deposits for a minimum of 12 hours prior to allowing complete trading. Once the adequate accumulation of XRP is instituted on the platform, trading on the XRP/USD, XRP/EUR, and XRP/BTC order volumes will commence in stages, starting with the post-only method and advancing to complete trading.
XRP is the cryptocurrency managed by the XRP ledger, which promotes international currency exchange and payments. The ledger is supported by a system of peer-to-peer servers. All records on this network can transfer or accept XRP to/from each other, while XRP can be utilized to transmit underlying fiat currencies between two people. In this method, XRP can operate as a linked currency in transactions concerning various currencies such as US dollars, Japanese yen, Euros, Francs, and others in practice on the XRP network.
Over the past months, Coinbase Pro has been developing its list of tokens established on the platform. In August 2018, it appended support for Ethereum Classic (ETC). In the month of November 2018, Coinbase Pro had announced that it has listed Basic Attention Token (BAT) onto its platform. The company announced that it would be blending assistance for Basic Attention Token (BAT), an ERC-20 token that is devised to operate with the privacy-focused Brave Browser, on CoinbasePro.
Basic Attention Token (BAT) is an open-source, decentralized ad exchange platform based on Ethereum. The platform is integrated with the Brave web browser. According to its website, Basic Attention Token basically develops the performance of digital promotion by building a new token that can be exchanged between businessmen, dealers, and users. It all occurs on the Ethereum blockchain. The token can be utilized to accomplish a kind of promotion and attention-based services on the BAT platform. The benefit of the token is based on user awareness, which solely means a person’s focused mental engagement.
The Steps of the XRP Launch
The official blog further stated that there will be four steps to the launch. The platform will follow each of these steps separately for each new order book. If at any time one of the new order books does not fit their evaluation for a strong and systematic market, the company may hold the book in one category for a prolonged period of time, or cease trading as per its trading rules. The four steps are:
- Full trading
In the limit-only stage, limit orders will begin pairing but clients are incapable to present market orders. Order books will be in the limit-only method for a minimum of ten minutes. In the final stage, full trading services will be available, including limit, market, and stop orders.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.