Few days after being listed on Coinbase Pro, XRP is now on the verge of being listed on Nasdaq’s platform along with Bitcoin and Ethereum.
Coinbase Pro Listing
After clamors and hundreds of questions being raised on Twitter and Reddit on why Coinbase pro have been reluctant in listing XRP, which is currently the third largest coin by market capitalization; XRP finally won its spot on Coinbase Pro.
After its listing, however, another set of eyebrows were raised with another new question, ‘why now?’ The reluctance of the digital asset exchange has been mostly attributed to the class action suit that Ripple was currently facing regarding the classification of XRP as security.
Speculation continues to increase as to whether the coin would be classified as a security, a potential classification which could affect its listing on other entities because of legal costs. However, Jake Chervinsky of Kobre and Kim suggested that Coinbase would have weighed the benefits against the costs and decided that the former outweighed the latter. He tweeted via his handle:
“It’s tempting to speculate about the legal implications of Coinbase’s decision to list XRP, but there are too many variables at play to draw any solid conclusions. The only reasonable inference is that Coinbase believes the benefits outweigh the costs (including legal risks).”
Nasdaq Making a Statement
The listing of cryptocurrency indices such as Bitcoin Liquid Index and Ethereum’s (ELX) is set to make a bold statement across all tech, finance and crypto circles across the world about the potential of digital currencies. Nasdaq is the second largest stock exchange in the world supporting more than 4000 global indices. New crypto indices BLX, ELX, and Ripple’s RLX has been awaited for a long time, and belief is rising that the listing of the three biggest cryptocurrencies in the world would drive institutional investors to invest in digital assets.
Alongside Nasdaq, is International Exchange Bakkt Futures market which was expected to launch earlier in the year but was scheduled for the second quarter. Brave New Coin, the company, partnering with Nasdaq, and responsible for the creation of the three indices wrote in their reports that new development would increase crypto interests among institutions. An excerpt from the report wrote:
“This institutional endorsement is what investors have been waiting for as Nasdaq has plans to launch a bitcoin futures market alongside Intercontinental Exchange’s (ICE) Bakkt futures market which was due to launch on its platform on January 23 but has since been pushed back to an undetermined date in Q2 2019.”