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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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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