Coinsquare—the Canadian cryptocurrency exchange and brokerage platform—has begun listing XRP for trading. This comes as the exchange prepares to expand into the US (and possibly the UK) markets as it looks to take on global exchange giant Coinbase.
XRP is the native cryptocurrency of the Ripple blockchain and is currently the third largest cryptocurrency by market cap.
Announced only on Monday, the rollout is initially still in beta, meaning users will be able to fund their accounts with XRP and trade it against fiat and other cryptocurrencies, but they will not be able to withdraw XRP to an external wallet.
Coinsquare released a statement on the addition of the coin, acknowledging the long wait its customers had for XRP; the coin had initially been mentioned as far back as January and months had passed with no mention on the subject.
Its CEO Cole Diamond said “While we’re excited about this launch, we also recognize it’s been a long wait, and we want to apologize for the delays and lack of communication. We appreciate everyone’s patience with us and commit to doing better going forward.”
Coinbase, on the contrary, does not support XRP though it is the third biggest coin. And it is this fact that may swing customers away from the popular exchange and onto Coinsquare—especially as it expands into new markets. Coinbase has its hesitations due to regulatory concerns surrounding XRP and whether the asset is a security or not. However, Coinsquare sees the bigger potential in the coin for its platform
Currently, XRP is trading in the green showing a 4.28% gain.
The exchange is planning an IPO (initial public offering) to help fund its expansion. This will be held on the main Toronto Stock Exchange. It has a hope to raise CAD$150 million (USD$120 million).
“We believe that we will be a strong competitor to Coinbase and other exchanges in the U.S. by the end of the year,” Diamond told Bloomberg in January
Onwards and Upwards Coinsquare!
Featured Image: Deposit Photos/galdzer
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