Ripple CEO Urges Coinbase to List XRP

Brad Garlinghouse, the CEO of Ripple, believes that Coinbase should list XRP along with its other supported cryptocurrencies. The Ripple chief also adamantly claims that XRP is not a security. 


‘It’s in Coinbase’s Interest to Participate’

Garlinghouse has lent his voice to the Coinbase/XRP saga. The Ripple CEO told Fortune that Coinbase stands to gain by listing XRP, stating:

As we solve problems at scale for institutions, I think it’s in Coinbase’s interest to participate in that. [However], I can’t speak for what Coinbase decides to—or decides not to—do.

Ripple has developed valuable partnerships with banks across the globe. Many of these financial institutions make use of the Ripple ledger to facilitate cross-border money transfer operations. As such, Garlinghouse believes it would be in the exchange’s best interest to enable XRP trading on the platform.

Recently, Coinbase announced that it would be opening a new office in Japan — where XRP is one of the most popular cryptocurrencies. Most of the prominent virtual currency exchange platforms list Ripple as part of their supported trading options.

Recently, SBI launched Japan’s first ever bank-owned digital currency exchange platform with an initial focus solely on XRP trading. Offering support for Ripple could conceivably be a viable way for Coinbase to gain a foothold in the Japanese cryptocurrency market.

Why Coinbase is Yet to List XRP

Part of the reason for Coinbase’s reticence is based on the lack of regulatory clarity surrounding Ripple.

In March 2018, the platform dismissed speculation that it was set to list XRP tokens. Instead, Coinbase said that it would only deal in cryptocurrencies that have been declared not securities.

The debate on whether XRP is a security or not has raged on for most of 2018. Recently, William Hinman, a top official of the SEC said:

Systems that rely on central actors whose efforts are a key to the success of the enterprise would be subject to [the] application of the securities laws.

Ripple owns the majority of XRP tokens, and the company maintains considerable control over the cryptocurrency, leading many to conclude that it isn’t decentralized. Thus, there are concerns that the SEC might classify XRP as a security.

It's the SEC Stupid…

XRP is Not a Security

Ripple CEO Brad Garlinghouse disagrees with those who believe that XRP is a security, saying:

I think it’s really clear that XRP is not a security. 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.

According to Garlinghouse, the Ripple ledger is entirely independent of the company. Thus, the blockchain would continue to function even if the company failed. Furthermore, unlike stocks, XRP tokens serve a technological purpose — but do not provide the holder with a stake in Ripple, as a company.

Recently, Ripple enthusiasts brought up a 2015 FinCEN ruling appears to classify XRP as not being a security. The SEC has yet to provide any official statement on the matter.

Ripple has declined steadily in 2018, dropping by more than 86 percent since the start of the year. XRP hasn’t broken through the $1 mark since the beginning of March, and is currently trading at 50 cents.

What is your opinion on the XRP currency/security debate? Should Coinbase add XRP to its list of supported cryptocurrencies? Keep the conversation going in the comments below. 


Images courtesy of Shutterstock, CoinMarketCap.com.

The post Ripple CEO Urges Coinbase to List XRP appeared first on Bitcoinist.com.

Adding Ethereum Classic Support to Coinbase

We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.

Per this process, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).

What Ethereum Classic support means for our products

Coinbase Custody — the Custody team is planning to add support for deposits and withdrawals of Ethereum Classic. Note that Custody will likely support more assets than those available to trade on Coinbase Markets, Coinbase Pro, Coinbase Prime and Coinbase for the foreseeable future.

Coinbase Markets — the Markets team is planning to add trading support for Ethereum Classic. In accordance with our Trading Rules, all ETC books will open in post-only for a minimum of one hour. If sufficient liquidity is established, trading will then be enabled on Pro and Prime.

Coinbase Pro — the Pro team is planning to add trading support for Ethereum Classic. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

Coinbase Prime — the Prime team is planning to add trading support for Ethereum Classic. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

Coinbase Asset Management — any asset listed on Coinbase Markets will be added to Coinbase Index in accordance with the Coinbase Index methodology. Coinbase Index Fund will rebalance to include Ethereum Classic.

Coinbase — per our previous guidance, Coinbase will list assets only after they are listed on Coinbase Pro and Prime. After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add Ethereum Classic to the Coinbase platform. It’s also worth repeating that Coinbase Markets, Coinbase Pro and Coinbase Prime will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on Coinbase Markets does not guarantee listing on Coinbase.

Frequently Asked Questions

Q: What is Ethereum Classic (ETC) and how does it differ from Ethereum (ETH)?

Ethereum Classic is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016. You can read more about Ethereum Classic here. You can read more about what a cryptocurrency fork is here.

Q: When will trading be available?

Per our public process for adding new assets, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).

Q: How will you roll out trading support for a new asset?

When we reach the final testing of the technical integration, we will announce a date that customers on Pro and Prime can begin placing limit orders on the Ethereum Classic order book on Coinbase Markets. Once that resting market reaches sufficient liquidity, we will then enable trading.

Q: What geographies will you offer support for Ethereum Classic?

We plan to offer support for Ethereum Classic in all geographies where the asset is compliant with local law.

Q: How did you control for material nonpublic information when deciding to add support for Ethereum Classic?

We followed our public process for adding new assets to Coinbase. Also, any personnel at Coinbase who were aware of the company’s plans to add Ethereum Classic were subject to a trading blackout.

Q: What assets are you adding next?

We have previously announced our intention to support the ERC20 technical standard and Bitcoin forks. We will announce the intention to add specific assets within those categories prior to final engineering integration. This is consistent with our public process for adding new assets.

Q: I had Ethereum on GDAX at the time of the July 2016 hard fork and I did not withdraw my Ethereum Classic prior to January 2017. Will I receive an Ethereum Classic credit when trading launches?

Yes. Note that Ethereum was only supported on GDAX at the time of the July 2016 hard fork. Support for Ethereum on Coinbase’s consumer interface was added after the hard fork, so only exchange users that had Ethereum balances were subsequently eligible for Ethereum Classic withdrawals.


Adding Ethereum Classic Support to Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Coinbase is Coming to Japan, Welcomes Fintech Leader Nao Kitazawa

As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan. Under the leadership of the highly-respected and admired fintech leader, Nao Kitazawa, our new office will lay the foundation for Japan’s crypto investors to access a range of Coinbase’s products. 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.

Welcome Nao!

Nao is a leader in the fintech space and we are excited to have him at the helm of our new push into Japan. As the CEO of Coinbase Japan, he will be charged with building a world-class in-country team and ensuring that we deliver on our vision of creating an open financial system for the world. He is the former COO of Money Design, a company that helped pioneer automated investment advice platforms in Japan. Prior to Money Design, Nao worked at Morgan Stanley Japan as an investment banker, where he guided a fleet of impressive merger and acquisition deals and composition of funds in the real estate sector. He also spent several years as a member of an international law firm, handling cases related to finance and real estate in Japan and New York. As one of the industry’s top international leaders, Nao sits on the board of the Fintech Association of Japan.

Nao’s passion for cryptocurrency combined with his extensive background provides Coinbase with a great foundation to successfully push into the largest cryptocurrency market in the world. As a regulated, compliant crypto company in the U.S., we will focus on building that same level trust with new customers in Japan.

Upon our business registration with the FSA, Coinbase services available to Japanese customers will be provided with Japanese language translations for ease of use. We look forward to sharing more about our plans for Japan soon.


Coinbase is Coming to Japan, Welcomes Fintech Leader Nao Kitazawa was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.