Report: Ripple Violates Coinbase’s Listing Rules

According to Diar’s recent report, Ripple is breaking one of Coinbase’s listing rules specified in the exchange’s” Digital Asset Framework.””

Ripple (XRP) is reportedly violating one of Coinbase’s listing rules, despite the cryptocurrency exchange adding support for the altcoin on its Pro platform. February. The 26th report from blockchain research firm Diar states that XRP breaks one of Coinbase’s requirements to be included on the platform.

Specifically, in its “digital asset framework,” Coinbase claims that “the ownership stake held by the team is a minority stake,” while, according to Diar, Ripple has around 60 percent of the supply in custody with a release schedule.

Coinbase Pro, the professional offering of US-based crypto trading platform and wallet service Coinbase, added support for the XRP token yesterday, Feb. 25. In the announcement, Coinbase stated that full XRP trading will be available to customers in the United States, Canada, the European Union, the United Kingdom, Singapore and Australia, while planning to expand its services to other countries at a later date.

XRP reacted quickly to the news about its Coinbase Pro listing. The coin turned out to be one of the biggest winners of the day, reaching $ 0.337 following a gradual decline from the weekly high of around febrero 0.341 in February. 19, according to CoinMarketCap.

Last month, crypto analytics firm Messari released a report, claiming that XRP’s market capitalization could be overvalued by as much as $ 6 billion. The report notes that XRP’s liquid circulation supply could be overestimated by 48 percent, putting the “real” market cap at $ 6.9 billion instead of the $ 13 billion that was later reported on CoinMarketCap.

According to Ripple’s fourth quarter (Q4) 2018 report, the company sold X 535.56 million in XRP in 2018. During the fourth quarter, 3 billion XRP were released from the crypto trust, while 2.4 billion were returned. According to the statement, the remaining 600 million XRP not returned to escrow is being used “in various ways to help support the XRP ecosystem.”

Today, XRP has seen a decline of 2.48 percent for the day, and is trading around.0.319 at the time of publication.

Leave a Reply

Your email address will not be published. Required fields are marked *