Market Today

Editorial Team

Coinsquare, the Canadian cryptocurrency exchange and brokerage platform, listed XRP for trading, in an attempt to empower its competition with its dominant competitor to the South – Coinbase – to become the trading venue of choice for retail investors.

On Monday, the Toronto-based Coinsquare announced that it had added XRP – the third-largest cryptocurrency and the native asset of the Ripple Consensus Ledger (RCL) – for trading. According to the publication, the rollout is initially beta, during which time users will be able to fund their accounts with XRP and trade it against fiat and other cryptocurrencies. However, they will not be able to withdraw XRP to an external wallet.

In early January, Coinsquare CEO Cole Diamond, had said that the Ripple’s listing to the platform was near the top of the exchange operator’s agenda.

“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,” the exchange said in a statement.

In fact, although XRP is the third-largest cryptocurrency by market capitalization, some exchanges have been hesitant to list it due to regulatory concerns around its status as a security. For instance, Coinbase has declined to support it, while it has listed four of the seven largest cryptocurrencies and planning to support Stellar (XLM).

Diamond has said that the cryptocurrency has an ambitious expansion plan that includes gaining a foothold in Coinbase-dominated markets like the US and the UK. Moreover, the firm has said that this expansion will be financed by an Initial Public Offering (IPO) on the main Toronto Stock Exchange through which Coinsquare hopes to raise CAD$150 million (USD$120 million), as the publication reads.

“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.

Editor’s Note: As the native token of the Ripple Consensus Ledger (RCL), XRP is often colloquially referred to as “Ripple,” though the Ripple company has increasingly sought to distance itself from the asset — and the fact that Ripple owns more than half of the total XRP supply.