Coinbase famously only features four cryptocurrency options – users can sign up and buy or sell only Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC) and Bitcoin Cash (BCH). It has always been a bit frustrating for crypto traders like us, because this site has one of the easiest and cleanest user interfaces. For many people, withdrawals only take one business day, and it used to have a really handy PayPal feature that allowed us to get funds into our banks almost instantly for just $0.25. Unfortunately, that feature isn’t working right now, but the site remains as popular as ever.
It has long been speculated which coin would be added this exchange next – which digital currencies would become the 5th and 6th to get listed? When that announcement comes, it will surely send those soon-to-be-added coins’ prices surging.
With Ripple (XRP) being more valuable than both LTC and BCH, as well as being the favorite of cross-border banking organizations, many have predicted that it would only be a matter of time until Ripple (XRP) finally got its spot on Coinbase. It would be more likely than a lesser-valued coin like Cardano (ADA) or Monero (XMR), right?
As it turns out, there has been more than we know going on behind the scenes.
Ripple (XRP) tried to pay their way into a Coinbase listing
According to a Bloomberg article that came out yesterday, the startup that controls Ripple (XRP) has tried to use financial incentives in order to get their coin listed on both Coinbase and Gemini Exchange. The team behind XRP, which has maintained their coin’s spot as the 3rd most valuable digital currency on the market, reportedly offered Gemini Exchange $1 million flat out – while offering to loan Coinbase $100 million in XRP to get the ball rolling with the coin’s trading activity.
Both of the exchanges said no to Ripple’s offer.
This is what the article says about why that might be:
“For all the hype surrounding Ripple and XRP, its absence on markets like Gemini and Coinbase is eye-catching. By dangling money in front of exchanges, Ripple signaled that its future success hinges in part on getting XRP listed on the top trading venues. But there’s a major headwind in that effort: U.S. officials have warned unlicensed exchanges not to list tokens that could be deemed securities. XRP’s control by a single company has fueled speculation it could fall under that designation.”
So, it might be this coin’s centralization that is hurting its chances – and making the top exchanges not really want to take on the risk of not having fully decentralized currencies on their platforms.
Which brings us to Cardano (ADA), which could absolutely be listed next
So, with Ripple (XRP) probably off the table in terms of Coinbase and Gemini Exchange, there will certainly be another coin added this year – but which will it be? If we want to keep things in the top 10 market cap list, and we also cancel out the options that have some form over overarching centralization – we are pretty much left with Cardano (ADA) and Monero (XMR).
Which of those two are likelier? Monero (XMR) is, after all, the preferred privacy coin of the dark web – where all sorts of illegal and fraudulent activities take place. That’s a lot of liability. Then there’s, Cardano (ADA), which is only centralized right now (during its “Bootstrap” phase), and it will be fully decentralized after that.
Plus, Cardano (ADA) as a possible listing on Coinbase is likely because of the potential behind this technology – it will be much faster and more efficient than Ethereum (ETH) when its mainnet goes live.
Cardano (ADA) is one of the strongest, non-centralized, and it has more credibility and professionalism than Stellar (XLM) – which hasn’t had the most well-thought-out PR strategy. On top of that, ADA is based on science and philosophy.
What do you guys think, will ADA or XLM get listed on Coinbase next?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.