Whether you like it or not, the Coinbase effect is real in the crypto space. As 2017 came to a close, the rumor of Ripple getting listed on Coinbase resulted in a spike in the price of XRP such that the coin hit unprecedented highs of almost $4 per XRP. Obviously, with the market dip that came almost immediately, XRP market price has corrected ever since and is now priced at $0.54 per XRP.
ETC to be added to Coinbase
Just recently Coinbase made an announcement on their blog about their intention to add Ethereum Classic to their trading and cryptocurrency exchange platform. The announcement that came about on Monday this week hit the crypto space by storm leaving most dumbfounded over how Coinbase made the move to list ETC and not one of the top altcoins like RippleXRP.
Ethereum Classic is now on its way to being the fifth cryptocurrency supported on Coinbase (one of the most popular crypto trading and exchange platform in the US). What took most by surprise is the fact that coins such as Ripple have been gunning for the coveted position of being listed on Coinbase yet Ethereum Classic (listed at position 18 on CoinMarketCap with a market cap of $1.6 billion) managed to beat the competition.
ETC price spike
In fact, right after the announcement, the price of ETC went up by over 20 percent going from $12.81 to $16.40, in a span of about 24hours. This happened even before Coinbase was able to put out a specific date for when ETC would be listed on the retail brokerage platform.
According to the announcement, ETC will be added to Coinbase’s Custody platform, Coinbase Markets, Coinbase Pro, Coinbase Prime, and, Coinbase Asset management in the coming months. Coinbase has reportedly been pushing to get registered by federal registration as an alternative trading system and investment adviser. This will allow the company to list more cryptocurrencies to its exchange.
Coinbase move to pick ETC instead of XRP
Coinbase is known to be super choosy over the coins it supports, however, a couple of reasons as to why they decided to support ETC over other viable options like Ripple XRP are evident. To begin with, ETC (unlike XRP) is a fully decentralized cryptocurrency that was forked from Ethereum after an attack that saw investors lose money on the Ethereum platform. Although IOHK is currently in charge of running the Ethereum Classic Blockchain, ETC remains to be an open source Blockchain project that is transparent and stable. Perhaps it’s the decentralized, stable and transparent nature of Ethereum Classic that has made it worthy of being listed on the giant brokerage firm.
Is XRP a real cryptocurrency?
This is not to say that XRP is unstable. It’s just that Ripple XRP, operates on a centralized framework whereby it cannot be mined and transactions are verified by a centralized Blockchain framework controlled by Ripple labs (the company). It’s for this reason that most cryptocurrency enthusiasts do not consider XRP a “Real Cryptocurrency.”
However, there might still be hope for XRP to be added to Coinbase considering reports that Coinbase might be moving base to Japan where cryptocurrency regulations are much more lenient than in the US. Plus Coinbase has also promised to add more ERC20 cryptocurrencies in the future. Whether XRP makes the cut will be something we have to wait and see.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…