Canada-based crypto-exchange and brokerage transactions platform Coinsquare has now started Ripple’s XRP token for trades. As the platform now looks to take on international exchange behemoths Coinbase, this move is part of their plan to expand into the UK and the US.
XRP is the home token for the Ripple Blockchain network and is right now the third largest digital currency by total market value.
The listing was announced on Monday and is still in its beta phase. Consumers will be able to proceed XRP into their accounts, and use it to trade with fiat and other tokens as well. However, they will not yet be able to withdraw the tokens to keep in an external crypto wallet.
Coinsquare admitted in a statement it published on the listing that, its customers had indeed waited very long for the addition of the XRP. The first announcements if this listing has been made back in January; there has barely been any mention of it since then.
“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”, said Cole Diamond, Coinsquare CEO.
Interestingly, Coinbase doesn’t yet support the XRP token. This has been a primary reason a lot of customers have shifted to other platforms like Coinsquare – especially as the latter shows interest in foraying into new markets. There are still several regulatory issues regarding Ripple, including whether the token is considered a security or not; this has been a major reason why Coinbase is hesitant to list the token. However, Coinsquare feels there definitely are good prospects for the platform in the XRP token.
Coinsquare is now planning an IPO to order to fund its new plans, scheduled to be held on the Toronto Stock Exchange.
“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 said in January.