Coinbase Rejects Ripple Integration Rumors, Currency’s Market Cap Drops $22 Billion

Coinbase has refuted recent rumors that Ripple (XRP) will be integrated into GDAX, its flagship digital currency exchange.

Popular exchange and wallet platform Coinbase has refuted recent rumors that Ripple (XRP) or other cryptocurrencies will soon be integrated into GDAX, its flagship digital currency exchange.

Cancel rumors
CEO Brian Armstrong firmly stated that neither Coinbase nor GDAX have made the decision to integrate any cryptocurrency or digital asset any time soon. The company said in a blog:

“A committee of internal experts is responsible for determining if and when new assets will be added to the platform in accordance with our framework. These individuals, and all Coinbase employees, are subject to confidentiality and trade restrictions.

As of the date of this statement, We have not made any decision to add additional assets to GDAX or Coinbase. Any statement to the contrary is false and is not authorized by the company.”

Coinbase’s statement was released after a series of unverified rumors claiming that GDAX plans to integrate XRP. The scale of the rumors, which circulated widely on Reddit and Twitter, increased to the point where the company felt the need to refute them, as the price of XRP rose.

Immediately after Coinbase issued its statement, XRP’s market valuation declined from more than.148 billion to $ 126 billion.

Ripple graphics

Insider trading dispute
Coinbase and GDAX are unlikely to integrate new assets until they can be sure to prevent leaks. In early December, when Coinbase added Bitcoin Cash, a Coinbase employee or contractor revealed the integration two days before the official announcement.

Coinbase received significant backlash and criticism from the cryptocurrency community and, as a consequence, Armstrong promised to initiate a full investigation. The CEO stated that Coinbase will take legal action against the employee or contractor who published confidential information about the company’s digital asset integration plans.

As such, Armstrong’s recent statement and rumors about Coinbase’s Ripple integration were also criticized by some of the most prominent experts in the community. These include BitGo lead engineer Jameson Lopp, who tweeted:

We have not made any decisions to add new assets to Coinbase or GDAX at this time. Any claim to the contrary is false. Be careful what you believe out there! https://t.co/1yUYG33AoG

– Brian Armstrong (@brian_armstrong) January 4, 2018
No new assets yet
The investigation into the Bitcoin Cash controversy is still ongoing and until it is completed, Coinbase is highly unlikely to pursue the implementation of other cryptocurrencies. The company’S CEO admitted that some movement similar to insider trading was detected in the global Bitcoin Cash exchange market prior to Coinbase’s listing.

On December 20, Armstrong wrote:

“Given the price increase in the hours leading up to the announcement, we will conduct an investigation into this matter. If we find evidence that any employee or contractor violates our policies, directly or indirectly, I will not hesitate to terminate the employee immediately and take appropriate legal action.”

Former Coinbase executive Charlie Lee also stated:

“Coinbase is not adding a new currency anytime soon. There is no reason why they would lie about this… Especially after the flack they got for surprising everyone by adding BCH.”

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