Cryptocurrency trading platform Coinbase is ready to support XRP, which is currently the third-largest digital currency in terms of market capitalization.
XRP on Coinbase Pro
The trading platform announces that XRP is now a part of the list of cryptocurrencies available for trading in Coinbase Pro, where users can deposit tokens in its “transfer-only” option. After about 12 hours, Coinbase plans to open XRP to other exchange services. As of today, XRP is available to Coinbase Pro account holders in the United Kingdom, European Union nations, Singapore, Australia, Canada, and the US, except for New York. Other countries may follow suit shortly as Coinbase looks to take the world by storm with the up and coming cryptocurrency.
It is yet to be known when Coinbase Pro non-professional users can participate in XRP exchange on retail platforms like Coinbase’s website or iOS and Android applications. Coinbase reveals that XRP can function as a way to make transactions involving different currencies like US dollars, euros, yen, and many more. XRP can also operate as an underlying fiat currency for two different parties. Coinbase users can make XRP transactions with each other because of the peer-to-peer servers of the network.
XRP Still Facing Lawsuit
XRP, however, faces a lawsuit that allegedly classified XRP as payments startup security. Ripple Labs, its subsequent section XRP II, and the supporters of the third-largest cryptocurrency are currently teaming up in defense of XRP.
Although there are questions about XRP being a security measure, Coinbase feels that it can support XRP no matter how regulators classify the cryptocurrency, according to a person who knows how the trading platform’s process in decision-making.