Although Ripple has been doing well and even more than well these days as we have found out about an important partnership the team behind XRP has made, it seems that another news stole the light. Apparently, as we have all had a chance to find out, Coinbase and Gemini, which are some of the biggest exchange markets in the world of cryptocurrencies, are refusing to add Ripple. Given the fact that XRP is the third best currency according to the global coin report list, we were very much interested in finding out the reason behind this devastating refusal, so we dug a bit and scrapped the surface of this story to reveal the true motive behind the decision made by these exchange markets.
How Come Coinbase is Not Adding Ripple?
Coinbase stands for one of the biggest and thus most valuable exchange markets, just like Binance or Gemini. With a market capitalization of nearly 2 billion dollars, Coinbase enjoys the reputation of one of the largest exchanges. That is how Coinbase has set some standards and according to the Coinbase representative team, they are not planning on adding Ripple to their exchange anytime soon. The team behind the Gemini exchange shared the same statement.
Not being able to get listed on Coinbase for some time now (or Gemini for that matter), the XRP team even went as far as offering millions of dollars in order to buy its way onto the Gemini and Coinbase exchange. During that case, it was stated that offering financial incentives in return for a spot on an exchange market is perfectly legal and legit even outside the unregulated world of cryptocurrencies and blockchain operations, which means that Ripple had every right to offer money to Coinbase and Gemini although many crypto enthusiasts are greatly judging this move.
Both, Coinbase and Gemini, refused to take the financial incentives, also confirming that they were not planning on listing Ripple anytime soon.
Moreover, people are outraged for having Coinbase refusing to add XRP to its exchange mainly because this exchange market has already added all top coins listed on Binance, although Binance and Coinbase have only several currencies in common. Coinbase has listed Bitcoin, LiteCoin, Bitcoin Cash, Ethereum, and Ethereum Classic.
Bitcoin, LiteCoin, and Ethereum were originally added to the exchange almost immediately after Coinbase started with trading business, and later on, Coinbase added Bitcoin’s and Ethereum’s forks: Ethereum Classic and Bitcoin Cash, considering that these two currencies are safe and secure more than enough.
So, Coinbase added Ethereum and Bitcoin, but missed on adding Ripple as the third-best cryptocurrency?
That is how everyone started to wonder: But, why?
The reason behind the refusal is far simpler than you might think as it seems that the answer to this controversy lies in the “rulebook” publically published by Coinbase. The rulebook is freely describing what it takes for a coin to get listed on their exchange.
What Ripple Should Know About Coinbase
In case of Ripple team would still want to get listed on Coinbase exchange, which would in many ways benefit this currency while increasing its visibility and attainability, here is what they should know about Coinbase and what it takes to get listed on this exchange.
Coinbase has announced a brief introduction to their exchange service, addressing all their customers while listing everything they consider to be crucial in order for a coin to get listed on their exchange.
On this occasion they have shared the framework for getting listed on their exchange, stating that they have a clear goal of becoming the most easy-to-use exchange platform while also enjoying the status of the most trusted exchange in the market.
At the end of their statement they have added that they are not planning on adding any new coins on their exchange at the moment, as well as that in case they were planning the opposite, they would release the news in the public by themselves. The bottom line is not to trust the rumors. The dark side of this point is that it seems that XRP is not getting listed on Coinbase anytime soon.
One of the most important factors for considering a coin for listing is to make sure that the coin is maximally safe and secure, while also being decentralized.
This is where Ripple meets a problem that prevents it from getting listed – XRP is not decentralized. In case you don’t remember, Ripple was often criticized by crypto enthusiasts for not being decentralized, which means that XRP, in a way, has a third party involved in different operations revolving around this currency, which is everything decentralization is against.
That is how it is thought that Ripple was refused precisely for this reason – for not being decentralized. And, given the fact that Coinbase is aiming to become the most trusted exchange, they wouldn’t be able to do so if they were to get Ripple listed despite XRP not matching Coinbase’ listed criteria.
How is Ripple doing at the Current Moment?
After partnering up with MoneyGram with the rumor that Ripple will be also partnering up with Wal-Mart as a consequence, it was expected that XRP will go up in no time reaching a value of 1$ per one unit.
However, XRP is still trading in the red. It seems that other currencies are dropping as well as the market is plummeting, so the recent losses aren’t as odd.
After the latest change in the market, Ripple has lost -4.21%, dropping against the dollar. On the other hand, it is trading up against BTC for 1.76%, which means that Bitcoin is also dropping.
After the initial drop, XRP is available at the price of 0.48$ per one unit, which is still far from its record price of over 3.80$.
We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!
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.
Image courtesy of Maia Cybelle Carpenter via Flickr
TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
Using Blockchain with Benefits to Your Business: Simple Explanations
Elon Musk hits the world of cryptocurrency
Ripple’s David Schwartz: ‘The XRP ledger is decentralized’
Don't Miss2 weeks ago
Exclusive: Ripple (XRP) to be exhibited at SWIFT’s Sibos conference
Altcoins1 week ago
TRON TRX: A Perfect Way To Bring Games To Blockchain
Altcoins2 weeks ago
Electroneum (ETN) on the rise, can it make to highest market cap coins?
Altcoins2 weeks ago
Why is xRapid not bringing XRP price up?
Don't Miss1 week ago
Exclusive: Singapore to develop Ripple (XRP)-powered invoice trading platform
Altcoins2 weeks ago
You think Tron (TRX) looks good? It’s even better
Altcoins5 days ago
Electroneum (ETN) investors can have a broad smile on their face
Altcoins1 week ago
Moeda Loyalty Points (MDA) Up Over 300% This Week – But Why?