Ripple (XRP) should be listed on Coinbase: CEO
Ripple (XRP) should be listed on Coinbase argued the CEO, Brad Garlinghouse, in an interview with Fortune magazine. It was held at CB Insights Future of Fintech conference in New York on June 21. Ripple is one of the most talked about cryptocurrencies after Bitcoin. The 3rd largest cryptocurrency in the crypto market is bringing more partners into the XRP family.
Grounds for listing XRP
Garlinghouse stated three reasons for listing XRP on Coinbase. First reason is that the coin would continue to exist and trade even if Ripple fails. Second reason was that Ripple labs have no control over XRP. The final reason is that even though the labs has coin holdings Garlinghouse said that the company had no control over the Ripple blockchain network.
Ripple has been priced around 50 cents to $4 this year. Rumors of the coin being listed on Coinbase started in January when the coin reached $3.84. This did not happen as Coinbase said that it will only trade cryptocurrencies that have been deemed by regulators not to be securities. However, Garlinghouse denied the claim of XRP being a security.
Garlinghouse told,“Ripple XRP is not a security and I think this is clear. The XRP blockchain is independent of the company, Ripple. Even if the company fails, the public blockchain will keep functioning. Also, the tokens have a technological purpose that is not available in traditional financial institutions. Those who buy the coin are not forced to buy a stake in the company. Our ownership of the coin doesn’t give us control over it just like Saudi Arabia owns a lot of oil but isn’t in control of it.”
Ripple has been expecting a listing since January when the coin attained $3.84. It allegedly paid one million dollars to list the digital coin on Coinbase. According to Fortune, the company tried to buy its way onto cryptocurrency exchanges like Coinbase and Gemini. It has over 100 banking partnerships and speculates it will be over the 200 range. It has also continually proven its products of xRapid, xVia, xCurrent and RippleNet over the past few months. Garlinghouse said,”As we solve problems at scale for institutions, I think it’s in Coinbase’s interest to participate in that.”
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