Ripple’s XRP Added To Coinbase’s Professional Crypto Trading Platform

Announcements, News | February 26, 2019 By:

Crypto exchange and wallet Coinbase is adding support for Ripple’s XRP on Coinbase Pro, a platform that caters specifically to professional crypto traders.

In a blog post, the exchange said that Coinbase Pro has started accepting inbound transfers of XRP and will accept deposits for a minimum of 12 hours prior to enabling full trading.

“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,” Coinbase said. “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.”

According to Coinbase, XRP trading will go through four phases, including “transfer-only,” “post-only,” “limit-only,” and “full trading. The first two pahses will allow customers to transfer XRP into their Coinbase Pro account and post limit orders without matches (completed orders). In the last two phases, customers will be allowed to match limit orders and full trading services will be enabled.

“We will follow each of these stages independently for each new order book,” the company said. “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.”

XRP, the third-largest cryptocurrency by market cap, is the cryptocurrency used by the Ripple payment network, which supports international currency exchange and remittances. Built for enterprise use, XRP aims to be a fast, cost-efficient cryptocurrency for cross-border payments.