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Weiss Ratings Poll Declares Ripple (XRP) Best For Moving Funds Between Exchanges

It is the season of polls for Ripple (XRP), the cryptocurrency which was earlier rendered insignificant by Coinbase despite its enchanting potentials attested to by big and small firms which are not limited to the fintechs but include large banks in the world and some central banks.

A recent poll by Weiss Ratings on Twitter that was categorized into four with Ethereum, Ripple, Bitcoin and “other” coins placed Ripple ahead of other digital currencies including Bitcoins.

Ripple took the lead with 78%, Bitcoin had 6%, while Ethereum and ‘Other’ had 8% votes. 7,598 crypto lovers took part in the vote.

The poll confirms that cryptocurrency lovers are yarning for Ripple on some exchanges including Coinbase.

Weiss Ratings is one of the most respected ratings on cryptocurrency today.  The platform brands itself as fundamentally incomparable to nearly all other ratings available in America today. The platform says it is America’s only 100% independent rating agency covering cryptocurrencies, stocks, ETFs, mutual funds, insurance companies, banks, and credit unions.

A few days back, CNBC’s Fast Money revealed the outcome of the poll they organized on whether Coinbase users need Ripple.

Ripple, Stellar (XLM), Cardano (ADA), and ZCash (ZEC) were part of the poll. However, Ripple led with 34% votes leaving ZCash with 30%, and Cardano and Stellar had 25% and 11% respectively.

Last week Coinbase announced they are exploration five new cryptocurrencies. Among them lies ZCash (ZEC), Stellar (XLM), Cardano (ADA), with two unpopular coins: 0x (ZRX) and Basic Attention Token (BAT).

We are exploring the addition of several new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible”.

Coinbase decision sparked uproar in the crypto space owing to people’s expectation that the exchange will include Ripple, which was earlier alleged of Inducing Coinbase listing with money.

The five coins, as Ethereum World News earlier reported would be exposed to 13 million customers and price upsurge after they are listed on Coinbase. The exchange therefore made known that they are not guaranteeing the listing of the coins but may select any in the future.

“Please note that we are not guaranteeing the listing of any of these assets. We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.”

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Ripple CEO Says Coinbase Should Add XRP

Ripple CEO, Brad Garlinghouse has called on Coinbase to add XRP to its supported cryptocurrencies. He said this in a chat with Fortune on June 21, 2018. Coinbase is the largest cryptocurrency exchange platform in the United States based on trading volume.

Coinbase Will Gain by Listing XRP

According to the Ripple CEO, Coinbase will profit a great deal by listing XRP tokens on its exchange platform. Ripple is the third-ranked cryptocurrency based on market capitalization. Despite its popularity, Coinbase is yet to offer support for the second-biggest altcoin in the market. Commenting on the issue, Garlinghouse said:

As we solve problems at scale for institutions, I think it’s in Coinbase’s interest to participate in that.

Ripple has managed to sign strategic partnerships with banks across the world. The company markets its real-time gross settlement (RTGS) blockchain technology to many financial institutions, many of whom use the XRP cryptocurrency in tandem with the Ripple ledger. Ripple believes that these banking applications provide real-world utility for Ripple that will drive the price of XRP tokens even higher.

Despite all of these positive moves, Coinbase is yet to list XRP. The platform lists Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and will soon add Ethereum Classic. Except for Bitcoin and Ethereum, Ripple has a higher market capitalization that the coins on the Coinbase roster.

On many occasions, reports have emerged that the popular exchange platform was set to list Ripple. However, Coinbase has been quick to quash such speculations. In March 2018, the platform released a statement saying that it would only list cryptocurrencies that have been cleared by financial regulators as not being securities.

The XRP Currency/Security Debate

The reluctance of Coinbase to trade XRP tokens is mostly due to the absence of clarity concerning whether Ripple is, in fact, a security. Recently, the SEC declared that both Bitcoin and Ethereum were currencies and not securities. However, they have so far kept mum on the status of other altcoins while stating that ICO tokens were securities.

The XRP currency/security debate is a popular argument in the cryptocurrency community. Ripple is adamant that their token is not a security and Garlinghouse agrees, saying:

I think it’s really clear that XRP is not a security. XRP’s blockchain, or public ledger, exists independent of Ripple, and would keep functioning even if the company failed; what’s more, XRP tokens serve a technological purpose (facilitating monetary transactions) that traditional securities like stocks do not. XRP also does not entitle its holders to a stake in Ripple the company itself.

Much of the debate focuses on the control that Ripple has over XRP tokens based on the considerable amount of the coins owned by the company. Commenting on this issue, the Ripple CEO said:

I don’t think that our ownership of XRP gives us control. Saudi Arabia owns a lot of oil—that doesn’t give them control of oil.

Garlinghouse did admit that he had no control over when Coinbase would list XRP. Earlier in the year, reports emerged that Ripple tried to pay Coinbase $1 million to list the cryptocurrency on its platform.

The performance of XRP has mirrored the general cryptocurrency market as the price as declined over the course of the year. Ripple has fallen from the $3.75 mark to hover the $0.50 region. The last time the price of XRP was above $1 was in the first week of March 2018.

What are your views on the XRP currency/security debate? Do you think Coinbase should list XRP tokens? Keep the conversation going in the comment section below.

Image courtesy of the Ethereum World News archives and CoinMarketCap

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Coinbase Announces Japanese Expansion Plans

Coinbase, the largest cryptocurrency exchange platform in the United States is coming to Japan. This move is the latest in a series of expansion activities targeted at increasing the company’s influence in the nascent digital currency landscape.

Coinbase Japan

Dan Romero, the VP and GM of Coinbase announced the move in a post on the company’s Medium blog on June 4, 2018. The company also tweeted about the plan, declaring its excitement at the prospects of operating in a new market environment. A portion of the blog post reads:

As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan.

The cryptocurrency exchange behemoth also plans to comply with the regulatory standards in Japan.

As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.

The company will also make sure to offer Japanese translations for all of its services in the country.

Meet Nao Kitazawa, the CEO of Coinbase Japan

As part of the expansion plans, the company has appointed Nao Kitazawa as the CEO of the Coinbase Japan office. Kitazawa brings years of experience in the fintech and legal fields. According to the announcement, Kitazawa will be tasked with building a talented team of locals that will form the foundation for launching the company in Japan.

Kitazawa is a veteran of the investment, legal and real estate industries. He was formerly of Morgan Stanley in Japan where he worked as an investment banker. He was also the COO of Money Design, an investment advisory platform.

The new CEO of Coinbase Japan brings more than experience and business acumen to the table. Kitazawa is sitting member of the Fintech Association of Japan. Thus, he will be able to guide the company in obtaining the necessary regulatory clearance from the FSA. Kitazawa is a cryptocurrency enthusiast. The company believes he possesses the right set of skills to help them capture the Japanese cryptocurrency market.

Will Coinbase List Ripple (XRP)?

By entering the Japanese market, Coinbase has once again stoked the flames of the Ripple (XRP) listing debacle. There has been a long-running debate on whether coin base would add Ripple to its catalog of supported cryptos. XRP is reportedly the most popular digital token in Japan. Thus, the company might see itself coming under increased pressure to list Ripple tokens.

Japan has emerged as a crypto-friendly nation especially after the negative policies of countries like China and South Korea in 2017. The country is considered to be the center of cryptocurrency commerce in the Asian theater with numerous licensed exchange platforms. However, in the aftermath of the $550 million Coincheck hack in January, the FSA has taken a more hands-on approach to cryptocurrency monitoring and regulations.

Can Coinbase replicate its successes in the U.S. cryptocurrency market in Japan? Do you agree that the company needs to list XRP if it is going to stand any chance of capturing the Japanese market? Keep the conversation going in the comment section below.

Image courtesy of Coinbase.

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Coinbase Pledges Support For Bitcoin Forks

Coinbase exchange broadcast it is supporting the withdrawal of Bitcoin forks on its platforms. The information is contained in an April post on Medium, a social blog, and at the same time on the exchange’s personal blog.

According to the platform, the development gives room to customers to make ‘more easily withdraw assets associated with Bitcoin Forks across all Coinbase products’.

“We are not announcing support for any specific assets at this time. As always, we look at technical, operational, and legal considerations when deciding which Bitcoin Fork assets to support and will always state on our website which particular assets are supported,” the statement reads.

Talking on the importance of Bitcoin Fork to the products of Coinbase, especially Coinbase Custody. The statement reflects that Coinbase Custody aims to build infrastructure to support future Bitcoin forks, and it is possible to support more forked assets than GDAX or Coinbase for the foreseeable future.

According to the blog post, GDAX “will build infrastructure to support withdrawal of Bitcoin Forks for assets stored on GDAX at the time of the fork. Adding withdrawal support for a bitcoin fork does not mean the asset will also be added for trading. Assets that are listed for trading will be independently evaluated using the Digital Asset Framework.”

The Bitcoin Fork is going to be supported by Coinbase Index Fund, since any forked assets listed on GDAX is automatically added to Coinbase Index.

When Is Coinbase Adding Ripple?

Crypto lovers are expecting the addition of Ripple on Coinbase. Last month, the rumor that Coinbase is planning to add the altcoin soared its price, until Coinbase dispelled the rumor, saying there is no decision on adding a new asset for now.

“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”

Coinbase Plans To Become An Alternative Trading System

The Wall Street Journal has reported on Friday, April 6, 2018, that Coinbase is in a discussion with the U.S. Securities and Exchange Commission to register as a legitimate broker-dealer company and electronic trading venue. The action is an aftermath of the U.S. regulators’ clarification on cryptocurrency.

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Ripple (XRP) Makes Listing On Coinbase A Do Or Die Affair.

Ripple (XRP) Makes Listing On Coinbase A Do Or Die Affair.

Despite all the hype that surrounds Ripple and the fact that it fronts major cross border transactions across the world, the world third largest cryptocurrency still finds a matter as a clog in the wheel of its success.

As much as crypto lovers are yearning and clamoring for the listing of the cryptocurrency which is a guru cross border transactions, their bellow is just a tip of iceberg when compared to the company’s.

Even if not told, it is glaring to the world that if the cryptocurrency is added to the exchange platform, it will surely add feather to the wings and add leaf to the cap of the altcoin. While the demand from users and enthusiast continues to grow, a recent rumor that the altcoin was listed on Coinbase surged its value upward to an unimaginable point amid series of turbulence fisticuffing the crypto industry.

Also, when the exchange platform added Bitcoin Cash, it reflected in the value, soaring it to over 30 percent (from $2,800 to $3,800 per coin.)

Source: Bloomberg

Lastly, the unending tentacles which Ripple which has been able to acquire overtime has only brought it to limelight amid financial institutions and industries, while it is still lagging behind in everyday use as it is yet to be added to major platforms like Coinbase, Gemini among others. Evident of why Litecoin was rated more popular above the altcoin in a recent survey amongst 1000 Americans.

In the latest report released by Bloomberg, the cryptocurrency is not crossing its alms to continue glare the situation without removing the clog.

As two top U.S. cryptocurrency exchanges, Coinbase and Gemini continues to dash the hope of the cryptocurrency and its enthusiast, the San Francisco-based company, according to Bloomberg, has made a step forward by offering the two company dough in exchange for getting listed.

Bloomberg also mentioned that Ripple executive officer enquired if $1 million payment could make Gemini add XRP, while similarly, the cryptocurrency in a previous talks with Coinbase last fall, displayed keenness and wiliness to loan over $100 million worth of XRP to the exchange so that users can trade the asset.

In a move to confirm the information, Bloomberg added that Emmalee Kremer, Ripple’s spokeswoman said some of the info was not right. “Regardless, Ripple has always been transparent about our focus on building and growing a strong XRP ecosystem,” she said.

“We want XRP to be the most liquid digital asset possible to enable faster, cheaper global payments.”