Coinbase have finally announced the long awaited addition of XRP to their Coinbase Pro platform ending all FUD claims that XRP is in any way a security. XRP was of course already listed on Coinbase Custody which to date has $500m in total institutional customer crypto holdings, a large percentage thought to be made up of XRP. Coinbase also announced XRP will soon also be added to their original Coinbase.com exchange. One has to wonder if and when they will be announced as an xRapid partner…
February 25th – Coinbase
XRP is launching on Coinbase Pro
Support for XRP will initially be available for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date.
After 10am on February 25, 2019 we will begin accepting inbound transfers of XRP to Coinbase Pro. We will accept deposits for a minimum of 12 hours prior to enabling full trading. Please note that inbound transfers require the specification of an XRP destination tag.
Once sufficient supply of XRP is established on the platform, trading on the XRP/USD, XRP/EUR, and XRP/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. XRP trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date.
XRP is the cryptocurrency used by the XRP ledger, which supports international currency exchange and remittances. The ledger is powered by a network of peer-to-peer servers. All accounts on this network can send or receive XRP to/from each other, while XRP can be used to send underlying fiat currencies between two parties. In this way, XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network.
Please also note that XRP is not yet available on Coinbase.com or via our mobile apps. We will make a separate announcement when that occurs.
The Stages of the XRP Launch
There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules.
We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:
- Transfer-only. Starting after 10am PT on Feb. 25, customers will be able to transfer XRP into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.
- Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
- Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
- Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.
You can sign up for a Coinbase Pro account here to start trading. For more information, visit our XRP FAQ.