The hanging issue on whether Ripple’s XRP is security has “subsequently” been settled after it got listed on Coinbase platform. It has been a tug of war between XRP and Coinbase since the latter indicated interest in trading the digital asset on its exchange.
Following speculations that Coinbase was backing out on listing XRP until the Security and Exchange Commission (SEC) declares it’s not a security. It was really a severe time for XRP which has been battling with constant rise and fall in price because potential investors have been standing by, waiting for SEC pronouncement on XRP being security or not.
Up until Coinbase announced its decision to finally list XRP on its platform, it was believed that the reason for the delay was that the SEC may declare XRP as security. Other reasons being that Coinbase feared there were so many issues surrounding Ripple and XRP which might negatively affect its reputation.
According to the report on the Coinbase blog, XRP/fiat pair will be available in various US states, Canada, Singapore, Australia, the UK, and other European countries. They described XRP as the currency that supports international trade.
“XRP is the cryptocurrency used by the XRP ledger, which supports international currency exchange and remittances. The ledger is powered by a network of peer-to-peer servers. All accounts on this network can send or receive XRP to/from each other, while XRP can be used to send underlying fiat currencies between two parties.”
In this way, XRP can function as a bridge currency in transactions involving different currencies such as the US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network”
Not quite long after the announcement of XRP trading on Coinbase, Binance CEO, Changpeng Zhao took to Twitter to proclaim binance’s effort/contribution that also made it possible for XRP to be listed on Coinbase.
“Like to think we contributed to the adoption, maybe just a tiny bit, lol. Congratulations #XRP!”
The more adoption, the better, and the faster thing move around the world. It’s spreading.
A lot of other tweets from the XRP community who supported the listing followed. CZ went on to state that Coinbase decision to trade XRP was influenced by so many factors, one of which is Binance support for XRP.
After all the speculations and delays, XRP has finally been listed on Coinbase platform, now it is “partially” clear that XRP is not a security.