When a new cryptocurrency hits the market, the main objective of its management and supporters is to get it listed on various popular crypto exchanges. Such listings always lead to a price spike for the newly-listed crypto, and that’s something that everyone who holds it wants. One of the largest and most popular crypto exchanges currently serving the market is Coinbase Pro.
For some time, there have been rumors and propositions that Coinbase was planning to list XRP on its platform, and it finally happened.
On February 25, XRP went live on Coinbase Pro. As expected, the listing pushed up XRP prices by as much as 10%. However, it seems that the effect has since subsided and XRP has retained its earlier price range. As such, some people argue that the “Coinbase Effect” is finally losing steam. That’s considering the previous coin listings that had their prices skyrocket as a result of their listing on the famed crypto trading platform.
One thing to note here is that Coinbase Pro offers more trading features as compared to the regular Coinbase platform. Coinbase Pro was formerly known as GDAX.
XRP’s listing on Coinbase Pro hasn’t gone unnoticed. In fact, the listing is now generating a lot of backlash within the crypto community, with some people claiming that Ripple might have paid Coinbase to list the digital asset on the exchange.
Another debate taking shape revolves around Coinbase’s own listing policy. There are those in the crypto circle who feel that Coinbase might have violated its own policy by listing a crypto that has its majority share owned by a team (in this case, Ripple). According to the exchange’s listing policy, ‘the developer team should not be the majority shareholder’.
Ripple Exec Speaks
In an attempt to end the debate, Ripple’s Miguel Vias took to Twitter to clarify that Ripple had no hand in XRP’s listing on Coinbase Pro. As such, he said that the company didn’t pay the Coinbase management in exchange for the listing and that it was the exchange’s own decision to include XRP among the tradable digital assets on its platform.
We’re happy to go on the record. Coinbase’s listing of XRP (also, not “our token”) was Coinbase’s independent decision – we did not give them anything to make it happen. https://t.co/xTVvACqsQa
— Miguel Vias ⚡ (@miguelvias) February 27, 2019
Miguel’s statement was as a response to a tweet by crypto investor Alistair Milnes who wondered whether Ripple paid Coinbase for the XRP listing. Miguel Vias works at Ripple as the head of the XRP market. It’s yet to be determined exactly how the current events will affect the XRP market.