Coinbase dismisses rumors of Ripple trading launch

Ripple may one day be on the platform -- but not today.
Written by Charlie Osborne, Contributing Writer
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Coinbase has quashed rumors that cryptocurrency Ripple (XRP) is due to make its debut on the trading platform.

Recent rumors suggested that Coinbase was considering adding the cryptocurrency to the platform, which would give users the chance to buy and sell the asset.

Over the past year, Ripple's price has increased from $0.01 per coin to a staggering $3.33 at the time of writing.

Unlike Bitcoin, which is currently trading at $15,139, Ripple is still affordable and interest in investment has grown quickly, especially in light of speculation that the lesser-known cryptocurrency would eventually make it onto major platforms such as Coinbase.

However, investors may be disappointed to hear that in the case of Coinbase, this is not to be -- at least, for now.

On Thursday, the platform -- which facilitates the trading of Bitcoin, Ethereum, and Litecoin -- revealed in a blog post how new assets for trade are chosen.

Coinbase uses a Digital Asset Framework (.PDF) to help an internal committee decide which cryptocurrencies to support.

According to the firm, the members of the committee, alongside all other employees, are "subject to confidentiality and trading restrictions" and when new assets are chosen, they will be announced only through official channels.

"As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase," the company added. "Any statement to the contrary is untrue and not authorized by the company."

This doesn't mean that Ripple will never see the light of day on Coinbase and if you consider its growth, it may indeed become a tradeable asset on the platform in the future.

The company may also still be ironing out issues with adding new assets, as highlighted by December's Bitcoin Cash (BCH) disaster. BCH was added to the platform only to have books temporarily closed on trading due to a sudden and unexpected surge in pricing.

Coinbase CEO Brian Armstrong said the firm is conducting an internal investigation into the situation to see if there is any evidence of insider trading which prompted the increase.

See also: The risky business of bitcoin: High-profile cryptocurrency catastrophes of 2017

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