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Nowadays, Coinbase is one among the top exchanges that every cryptocurrencies would like to join. However, the listed coin would get more exposure as well as would receive a lot of benefits. Rumors that Coinbase will begin offering Ripple (XRP). Although the chances of getting into Coinbase are not as high as their supporters would like.
While CEO of Ripple, Brad Garlinghouse said that Coinbase has to do so. Therefore, for the first time XRP Company argued publicly that Coinbase should add Ripple.
The US based Coinbase, headquartered in San Francisco, offers BTC, ETH, BCH and Litecoin, and as per the last week announcement it will add Ethereum Classic.
Nevertheless, XRP exceeds about $21 billion market cap that of all other cryptocurrencies except BTC and ETH. But, the Ripple that owns 50 percent of XRP’s digital tokens, tried to pay Coinbase $1 million to get it listed.
In addition, Ripple sells its blockchain technology to financial institutions globally as to speed up and lower costs of international payments. Due to its long maintenance, XRP is more likely to increase the more banks to use it.
Brad Garlinghouse said in an interview on Thursday that,
“As we solve problems at scale for institutions, I think it’s in Coinbase’s interest to participate in that”.
However, Ripple price has ranged from 50 percents nearly $4 in January besides the rumors that Coinbase was close adding the cryptocurrency. Perhaps, the strong comments came as a response to a question about XRP is a security for Ripple. As it means that it will only trade digital currencies that have been considering by regulators not to be as security.
Garlinghouse explained at interview;
“XRP is not a security for three reasons: if Ripple, the company, shuts down tomorrow. The XRP ledger will continue to operate; it’s an open-source, decentralized technology …. if you buy XRP, [you are] not buying shares of Ripple – buying XRP doesn’t give you ownership of Ripple”.
At particular, it is the reason why Coinbase have been uncertain to trade XRP. According to announcement by SEC and Exchange Commission, Ethereum doesn’t meet the term security because decentralized structure whereas XRP can be classified as one.
Brad Garlinghouse tried to disprove the fact that XRP might fall under the SEC’s law. He said at the conference that, “I think it’s really clear that XRP is not a security”. However, the public ledger, its blockchain exists independent of Ripple. And he says that it would keep functioning even if the company failed.
Moreover, exchanges seem to waiting for regulators to examine the XRP’s status before deciding whether to allow it on their platforms. Despite the fact, Ripple continues to argue that their token is not a security thus many are still not convinced. Most probably, it seems that Ripple will still doesn’t meet the necessary requirements.
Image Source: Brad Garlinghouse