Blogs
Why did Coinbase go for Ethereum Classic (ETC) instead of Ripple (XRP)?
The largest US-based crypto exchange, Coinbase, made an unexpected reveal yesterday, June 12, when it announced that it will list Ethereum Classic (ETH). This is a great news for this cryptocurrency, but many were left astonished that the exchange skipped over a dozen cryptos with larger volume and market value, especially Ripple (XRP).
Coinbase chooses Ethereum Classic
The big reveal by Coinbase, the largest crypto exchange of the United States, left crypto enthusiasts completely confused, and it revolves around the exchange’s decision to add Ethereum Classic (ETC) to its list of cryptos. Many expected that the exchange would add a larger crypto, like EOS or Ripple, which is why this decision is hard to understand.
ETC is currently the 18th most valued cryptocurrency as per CoinMarketCap, while Ripple (XRP) is at the third place. Because of this, it is easy to understand why the community is so confused. Coinbase’s general manager and vice president, Dan Romero, noticed the reaction of the Coinbase’s community and has said that ETC came before XRP because accepting it is in compliance with the current local regulations.
He also added that this is not the end and that the exchange will keep adding as many assets as it can, as long as it can be done in a secure manner, and be in compliance with the crypto laws.
Why ETC?
Ethereum Classic originally came to be as one of Ethereum’s hard forks. It was made by a group of developers who decided to fork Ethereum’s chain after it significant losses of DAO (Decentralized Autonomous Organization.) investors. In time, ETC’s development was shared between a few groups of developers, one of which was, and still is IOHK, the group that started Cardano (ADA).
ETC still shares a lot of Ethereum’s features. It is sustained by an open-source community, and it is completely decentralized. This is also one of the reasons why it came before cryptos like EOS and Ripple, which are company-owned cryptos.
Coinbase’s CEO, Brian Armstrong, commented on the exchange’s choice and said that this is only the start of the new project that will see many more cryptos added. The exchange, as well as Armstrong, seem to be pretty excited about this, but they will first support ERC-20 tokens, as well as those that came from Bitcoin forks, before moving on to the rest of the cryptos.
Why not Ripple?
As mentioned previously, one of the large reasons why Coinbase decided to pass on Ripple is the decision to first add ERC-20 coins and Bitcoin forks. However, there seems to be more to it than just that.
One of the biggest debates these days is whether Ripple is a cryptocurrency or a security. Ripple is trying to act like a crypto, but the problem lies in the fact that it is company-owned, or centralized. This is the opposite of what cryptocurrency is imagined to be, which is an online currency that doesn’t have a governing entity.
Despite this, Ripple is still a digital coin, and the arguments for both views on its nature just keep piling up. The answer whether Ripple is a security or not currently doesn’t exist, and until this matter is settled, Ripple will probably be left alone by Coinbase.
Still, Ripple’s development team has mentioned that XRP will join the decentralized cryptos in due time, which is something that it can look forward to. If and when it does, it is believed that many more exchanges would be willing to list it, which is expected to, in turn, increase its price.
As for ETC, its price already went up by 25% following the announcement that it will join Coinbase. However, in the last 24 hours, it dropped again by 14%, which puts its price at $13.52 at the time of writing.
For the latest cryptocurrency news, join our Telegram!
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 Pexels
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. One of the ways to have a successful…
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…
Altcoins
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…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
