Coinsquare Rolls Out XRP Markets Ahead of U.S. Expansion
The Canadian cryptocurrency exchange and brokerage platform Coinsquare has listed XRP for trading. This has placed another controversial exchange to challenge its dominant competitor in the south – Coinbase. The competition is all about gaining the maximum market share and to become the main trading platform of choice for retail investors.
Coinsquare is based out of Toronto, Canada. On Monday, it had mentioned that it had added the world’s third largest cryptocurrency and also the native asset of the Ripple Consensus Ledger (RCL) for trading – XRP. This has now beefed up the competition between the two very strong competitors. As of now, the rollout is in its beta stage. At this stage, users can fund Coinsquare’s accounts with XRP and also trade the same against fiat and other cryptocurrencies. Although mentioned that they can fund, it is also stated that they cannot withdraw XRP to an external wallet.
Earlier this January, Coinsquare CEO, Cole Diamond had said that, “Adding ripple to the platform was near the top of the exchange operator’s agenda, though months passed without word on when this event would occur.”
The exchange had mentioned in a statement, “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.”
And although XRP is notably ranked as the third largest cryptocurrency by market cap, there are still some exchanges out there that are still hesitant to have it listed out. The main concern and pain point being unsure if it is still a security according to regulatory authorities. Also, Coinbase has refused to support it, in spite of having listed out four of the world’s seven largest cryptocurrencies and also revealing that it is currently ‘exploring’, thereby adding support for a fifth, stellar (XLM).
Diamond has said that, “Coinsquare has an ambitious expansion plan that includes gaining a foothold in Coinbase-dominated markets like the U.S. and U.K.”
He also told Bloomberg in January,