Coinsquare, a Canadian cryptocurrency exchange, has listed Ripple (XRP), the third-largest cryptocurrency by trade volume. This comes as it finalizes all the necessary preparations to launch in the US. The Canadian firm that doubles as a dealer platform is ready to go head-to-head with the dominant cryptocurrency exchange, like Coinbase, which has already put flag down in the United States.
Announcing The XRP Listing
The Toronto-based exchange announced on Monday that it has just added XRP to its catalog of cryptocurrencies for trading. Giving more insight into how it is going to work, the exchange said that for now, the customers won’t be able to withdraw the XRP to external wallets, but they can only fund their exchange accounts with XRP and trade it against other virtual currencies and fiat currencies.
Early Indication Of XRP Listing
The chief executive of the platform, Cole Diamond, in Jaunary said that one of the things the platform was working on was adding XRP to the list of cryptocurrencies they offer to their burgeoning customer base around the world. Though months later, there was no word on the addition until now. In a Twitter post, the company apologized for their inability to list XRP until now. Additionally, they announced that the coin is coming live in beta.
What Can Customers Do At Beta Stage?
The exchange, through the post, listed a few things that can be done at the early stage of XRP addition to include funding user’s account with XRP, buying XRP with fiat and other cryptocurrencies, and trading XRP for fiat currencies or other cryptos. Although XRP is the third-largest crypto by M-CAP, other exchanges are skeptical about listing it due to regulatory concerns. Recall that we have reported earlier that there were a series class actions lawsuits filed against XRP while a heated debate is on about whether XRP is cryptocurrency or not.
Support For Ripple (XRP)
Due to some of the regulatory concerns and debates going on, many cryptocurrency exchanges have refused to support XRP. The very obvious one is Coinbase – instead, the firm listed four major cryptocurrency. Coinbase even disclosed recently that it is weighing the option of adding Stellar (XLM).
Competing In The West
It is unclear how Coinsquare intends to battle in places like the US and the UK. In those countries, Coinbase has a strong foothold. But according CEO Diamond, the firm has an ambitious expansion strategy that will be financed with an Initial Public Offering (IPO) from the Canadian Toronto Stock Exchange. The firm hopes to raise CAD $150M (USD $120 million) for the project.
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