Coinbase Pro Adds Support for Ripple’s XRP

Coinbase Pro, the professional offering of United States-based crypto trading platform and wallet service Coinbase, has added support for Ripple’s XRP token. According to the company’s announcement published on February 25, Coinbase Pro will now accept deposits of XRP for a minimum of 12 hours before enabling full trading.

The company noted that it will establish sufficient liquidity on the platform by opening trading pairs in U.S. dollars, euros, and Bitcoin (BTC). This will be done in phases, beginning with post-only mode and proceeding to full trading if the metrics for what the company deems is “healthy market” are met.

XRP trading will initially only be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. However, Coinbase added that additional jurisdictions may be added at a later date.

According to the announcement, there will be four stages to the launch of XRP trading – transfer-only, limit-only, and full trading. The first two stages will enable users to transfer XRP to Coinbase Pro accounts and post limit orders. The third and fourth phase will allow customers to match limit orders and fully trade with XRP.

The exchange reserved the right to keep the book in one state for a longer period of time or suspend trading if, at any point, one of the new order books fails to meet the pre-set criteria. The company will use its official Twitter handle to announce as each order book moves through the phases.

While the addition of XRP to its platform has been met with positive reviews, it is just the latest out of many additions the exchange has made in the past months. Back in August 2018, Coinbase Pro added support for Ethereum Classic (ETC), followed the Basic Attention Token (BAT) and privacy-oriented altcoin Zcash (ZEC) in November.

Leave a Comment