After the announcement that XRP would be getting listed on Coinbase Pro, the token went through a brief surge in price. Not only was it great that Ripple’s token was getting listed on Coinbase Pro, giving a reason for investors to celebrate after the long wait of wanting to get on the exchange but it was also nice to see some influx of price too.
Even so, there are now rumours floating around the ether that XRP could be violating one of Coinbase’s rules. In particular, the ownership stake by the team must be in the minority, which isn’t the case when it comes to Ripple.
The team at Ripple control more than 60 percent of the overall supply of the cryptocurrency.
Last year, the US-based Crypto exchange released a so-called ‘Digital Asset Framework’. This lays out a series of rules that a token must be able to follow in order to be listed on the exchange.
The said violated rule states:
“The ownership stake retained by the team is a minority stake. There should be a lock-up period and reasonable vesting schedule to ensure the team is economically incentivized to improve the network into the future.”
The token was made available on to the investors on Coinbase Pro but only on a limited basis and has been paired with USD, the euro and bitcoin as well certain jurisdictions of the US, UK, Canada, Australia, Singapore and supported EU member nations.
Whether Ripple will be let off the hook is something that only time will tell, however, it will be an interesting decision if Coinbase will allow Ripple to go ahead with the listing. Ripple is already a well known and respected (mostly) crypto asset and there isn’t a lot of data suggesting that Coinbase will delist the token.
In more uplifting Ripple news, the CEO of Japans SBI Group has been pushing for the worldwide usage of XRP.
Speaking on the future on the future and utility of XRP, Yoshitaka Kitao said
“The use of “xRapid” using XRP is getting widespread, and the number of companies participating in ripple nets is increasing substantially. Therefore, in such a meaning, it seems that the use of Ripple ‘s technology will gradually become used in the form of using “XRP” in the international money transfer field. Virtual currency is tough unless there is “real demand”, but we believe firm “real demand” will come out from now on.”