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Coinbase Pro Enlists support for XRP

Image Courtesy: Coinbase Pro

Coinbase Pro, the advanced offering of cryptocurrency trading platform and wallet service Coinbase is all set to add support for Ripple’s XRP token. The development was announced via an official blog post on February 25. Full trading for the digital asset will be available to  customers in U.S, Canada, United Kingdom, Singapore, Australia. The leading exchange may expand its services to other countries later. 

Firstly, deposits of  XRP will be accepted for a minimum span of 12 hours before full trading is enabled. Per the announcement, primarily the exchange will first establish substantial liquidity on the platform and then open trading pairs in U.S dollars, Euro and Bitcoin (BTC) in phases. 

The blog post also defines the four stages XRP trading will undergo. The stages will be followed independently for each order book. If in case the new order books fails on the assessment, the order book will be kept in that state for a longer time. Else, trading will be suspended. 

The first two stages will allow users to transfer XRP to Coinbase Pro accounts and subsequently post limit orders.In the first stage the order books will be in transfer-only mode for at least 12 hours. Whereas in the second stage, order books will be in post-only mode for minimum time span of a minute. 

In the last two stages, customers can first match limit orders and trade XRP. Subsequently, the order books will be in limit only mode for a minimum of 10 minutes and lastly market, limits and stop orders will be available.

Token listing not limited to XRP

The addition of XRP to Coinbase has been long-awaited by the crypto community. In January 2018 rumours were rife regarding the cryptocurrency exchange supporting it short term, to which Coinbase CEO Brian Armstrong invalidated all rumours. Interestingly, analysts noted that following his announcement, XRP market cap plummeted from over $148 billion to $126 billion.

Coinbase Pro has actively expanding its the list of cryptocurrency being supported on the platform over the past months. The August of 2018 saw Basic Attention Token (BAT), privacy oriented altcoin Zcash (ZEC) and Ethereum Classic (ETC) being listed. Later, the support for tokens was expanded to Coinbase’s mobile app and retail platform. 

At press time, the token is trading at $0.303, up over 8.6 percent in a day and 5.2 percent in  the week according to data obtained from CoinMarketFeed.