Coinbase has just announced they’re listing Ripple after the Silicon Valley based crypto exchange and broker tried to hold off from doing so, going as far as to publish a listing framework that seemingly precluded XRP.
When XRP?? Now! XRP/USD, XRP/EUR, and XRP/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XRP in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/MWUtUm4wRh
— Coinbase Pro (@CoinbasePro) February 25, 2019
The reaction of many was encapsulated by Brian Armstrong himself, Coinbase’s founder and CEO, who in a quickly deleted tweet (which we managed to save), simply just laughed at the news:
Brian Armstrong’s initial reaction at XRP’s listing, Feb 2019.
It isn’t clear whether, alongside many others, he too was surprised, or whether he just thought the reaction would be funny.
But Coinbase announced last year they are to list most digital assets, going so far as to publish a framework which said that for listing, a coin needs to have a network which is “public, decentralized, and enables trustless consensus.”
It isn’t clear whether Coinbase now thinks Ripple satisfies those specific criteria, or whether they think the framework has outlived its purpose.
Their statement only says “we anticipate supporting more assets that meet our standards over time,” with Ripple supporters finally getting what they have craved for months.
Ethereans and bitcoiners were not happy. Coinbase has been recommended as an entry point for slightly less sophisticated crypto investors for years.
Knowing so, they have generally tried to act as a curator of sorts, being selective in what coins they list. Unlike say Binance, Coinbase has been far more “exclusive,” but they have moved towards more and more listings, just as they have expanded towards providing more and more crypto related services.
A bid at monopoly, would say many. Aided by a strict and highly cumbersome regulatory regime in the United States which makes competition by new entrants extremely expensive. Coupled with most of the rich VCs having a bit of the Coinbase pie, and we effectively have what is beginning to look like an unchallengeable crypto service provider within the United States at such an incredibly early stage for the crypto space.