According to reports, the addition was initially announced in October. They are looking to receive an actual support from investors for the coin. The addition encourages investors to buy and sell the coin. Coinbase custody, when compared with the highly unregulated and wild landscape of most cryptocurrency exchanges, serves as an added assurance to investors. This assurance is most important to investors who are willing to invest large capital.
Coinbase Custody and Ripple
Coinbase custody gears towards hedge funds and inspirational investors with assets running into millions and not the general individual user. The platform provides an easy to use and secure platform for storing and funding cryptocurrency. It assists newcomers to the industry who are still struggling with the ideas of private keys and cold storage wallets.
In addition to the advantages of upgraded financial security also provides investors with insurance coverage on their stored assets. This insurance coverage now extends to XRP, irrespective of the coin listing directly on the exchange.
In July, the company made an announcement that there’s the possibility of adding five new currencies to the exchange. Stellar XLM, XRP’s main competitor lists as topping the list. With XRP overtaking Ether to become second place in coin listings, there will be more pressure from investors in Coinbase. The U.S. based exchange will need to deliver big-name currencies to its 13 million-strong customer base.
Ripple- The Second Cryptocurrency
XRP is still gaining steam even as market prices fall. It managed to overtake Ethereum for second place in the total cryptocurrency market capitalization. Though the currency is not on an all-time high when compared with $3.80 earlier in the year. This all-time high was due to appreciation created by investors in expectation of the currency listing under Coinbase.
Ripple has made regular headlines for building adoption throughout 2018. XRP thus far has embodied the paradox of cryptocurrency growth, that development and new adoption for blockchain and crypto have continued to grow exponentially despite the slumping prices.
With the high level of tension and fluctuation in the cryptocurrency market, the union of Coinbase and XRP could be the precise pairing needed to rekindle interest. Investors are still very cautious in their dealings with XRP, especially particularly after the coin rose following rumors of a listing in January 2018.
It would be premature to insinuate any relation between XRP and Coinbase even with custody and a possible exchange listing. In view of the severe fall in cryptocurrency prices, this could be the type of action that would bring investors back to Coinbase.