Coinbase’s listing rules were reportedly violated by Ripple (XRP) according to the report issued by blockchain research company Diar which we are looking into more in our altcoin news below.
Diar claims that Ripple broke the rules and requirements of Coinbase to be listed on the platform after the platform added support for the cryptocurrency on its Pro platform.
In the ‘’Digital Asset Framework’’ of Coinbase, the company states that ‘’the ownership stake retained by the team is a minority stake’’ but at the same time, Diar states that Ripple holds about 60 percent of the supply in escrow.
Coinbase Pro added support for the XRP token on February 25th and in the announcement, Coinbase said that full trading of the altcoin will be available for US customers but also for customers from Canada, the United Kingdom, Singapore, the European Union, and Australia.
XRP reached an increase of value after getting listed on Coinbase PRO which was followed by a gradual decline from the weekly high.
According to the crypto analytics company Messari’s report, XRP’s market cap is believed to be overvalued by as much as $6 billion claiming that XRP’s liquid circulating supply could possibly be overestimated by as much as 48 percent. The report states that the actual market cap is somewhere about $6.9 billion instead of the $13 billion that was initially reported.
The Q4 report of Ripple shows that the company managed to sell $535 million worth of the altcoin in 2018, while 3 billion XRP was released and 2.4 billion were returned. The remaining 600 million that were not returned to an escrow are now used in ‘’ a variety of ways.’’
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