Ripple Might Finally Be Coming to Coinbase [But You Can't Buy It]

Coinbase Custody has released a statement detailing its ongoing process of making a decision regarding new assets for storage, in what has become a pattern for Coinbase of recent.

The statement, which appears on the official Coinbase blog specifies that the assets listed including Ripple (XRP), Monero (XMR) and EOS, are being considered for listing only, and have no bearing whatsoever on trading-related products and services.

"Not Considered for Trading"

The statement, which was signed by Sam McIngvale, Coinbase Custody Product Lead reads in part:

"Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets."

Motivated no doubt by a desire to steer clear of the controversy that has dogged Coinbase since the Bitcoin Cash listing saga of December 2017, the statement repeatedly makes reference to the standalone nature of Coinbase Custody.

It reiterates to readers that the decision to add assets to Custody's storage services has no relationship with the asset's likelihood of being listed on other Coinbase platforms such as Coinbase Pro, Coinbase Prime or Coinbase Markets.

All assets that will be approved for trading on Coinbase, the statement says, must pass the requirements stipulated in the Coinbase Digital Asset Framework.

Going further, the statement informs users that even though they may observe public-facing APIs and other indications of behind-the-scenes preparation for asset support, this should in no way be taken as an indication that any asset will in actual fact be made available on Custody.

The list of assets under consideration for listing by Coinbase Custody includes Nano (NANO), Bitcoin Gold (BTG), Dogecoin (DOGE), Ripple (XRP), DASH (DASH), NEO (NEO), Cardano (ADA), Stellar Lumens (XLM), EOS (EOS), Monero (XMR), Tezos (XTZ), STEEM (STEEM) and ICON (ICX) amongst others.

Concluding, the statement directs users in search of more information to the official Coinbase Twitter handle before listing the tokens that are under consideration.

Emerging Pattern

CCN reported in July that Coinbase issued a similar announcement to inform users that it was in the process of considering five cryptocurrencies for listing on Coinbase trading services in the interests of transparency.

Coinbase also released a Digital Assets Framework as it sought to repair the reputational damage caused by the fallout of the Bitcoin Cash insider trading allegations.

CCN reported last week that following an in-house probe of insider trading allegations conducted with two nationally recognized American law firms, Coinbase determined that it had found no evidence of wrongdoing.

Featured image from Shutterstock.

Last modified (UTC): August 4, 2018 3:22 PM

About the author

David Hundeyin

I am a busy Nigerian writer, journalist and writer with an interest in tech and finance. When I'm not contributing to CCN and traveling around Africa, you can catch me contributing to CNN Africa, or in the writers room at 'The Other News', Nigeria's weekly answer to 'The Daily Show' with nearly 2 million viewers.

My work on 'The Other News' was featured in the New Yorker Magazine, and that was then cited in the Washington Post so I'm not sure that counts as a feature but I'll definitely mention it too!

I have been nominated by the US State Department to take part in the 2019 Edward R. Murrow Program for journalists under the International Visitors Leadership Program.

I also like hamsters.
You can reach me on Twitter at _David_Hundeyin