Ripple users have taken issue with the fact that U.S.-based cryptocurrency exchange Coinbase hasn’t added support for XRP, passing it by to add smaller altcoins such as 0x, or controversial ones such as Zcash. Now they have some reason to celebrate, as Coinbase has confirmed it is considering adding XRP to the ranks of altcoins it supports.
Coinbase announced the possibility on its blog on December 7, 2018, but Ripple enthusiasts may want to hold back their exclamations of joy since it was just one of 31 altcoins being considered by Coinbase.
Those include other top 10 altcoins such as EOS (EOS) and Stellar (XLM), as well as other altcoins with huge market caps such as Cardano (ADA), NEO (NEO), Maker (MKR) and Tezos (XTZ).
As part of the announcement Coinbase made the following disclaimers: “Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading.''
Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. Finally, as per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, which allows us to add assets efficiently and responsibly.
So, while Ripple enthusiasts have been asking Coinbase to add support for XRP, even if it happens they may not get all the functionality they are looking for from the exchange.
The announcement comes soon after the decision from Coinbase to change its Digital Asset Framework, to allow for a far greater range of cryptocurrencies.
It’s a step in the right direction for mainstream adoption, as Coinbase is the largest U.S. cryptocurrency exchange for new cryptocurrency users. Adding more cryptocurrencies can only help spread understanding and adoption of cryptocurrencies.
''Over time, we intend to offer access to 90%+ of all compliant digital assets by market cap. To make this vision a reality, we will use our published Digital Asset Framework to evaluate assets on factors like security, compliance, and technical innovation: https://t.co/6AteNMOnYr''
— Coinbase (@coinbase) December 7, 2018
The addition of new coins is a marked departure from the Coinbase stance from early this year when the company cited a lack of clarity in regulations as a reason it would not list more altcoins. Now with the new Digital Asset Framework, it appears Coinbase will eventually seek to add nearly every altcoin to its platform.
It remains good news for Ripple users, but we will have to wait and see if Coinbase goes ahead with the XRP listing, since there are still questions regarding the status of XRP as a security, and allegations Ripple issued XRP through an illegal securities offering.