XRP, the third largest cryptocurrency in the market, is finally set to launch on Coinbase’s retail trading platform. Ever since Coinbase proposed the possibility of launching XRP onto its platform in December, Ripple users have been keenly looking forward to the official announcement. What is interesting is that Ripple owns about 60% of the XRP stock.
The announcement has made its fair share of headlines already with multiple reports and alleged allegations of bribery and fraud against the cryptocurrency giant. The said announcement was made official, amidst speculations, on 28th February 2019 on the company’s Medium blog post. It further stated that XRP would not be available initially for residents of the state of New York and the United Kingdom.
This announcement comes as a huge breakthrough and highlights part of the company’s objective to reach out and provide a platform for more cryptocurrencies and users worldwide. They aim to enable users to adapt and understand the workings of cryptocurrencies.
Is Coinbase involved in the Malpractice of Insider Trading?
There have been multiple reports of insider trading ever since the launch of XRP on the platform. Data and numbers reveal that hours before the official launch, XRP went through a massive breakaway against other leading cryptocurrencies. Reports of insider trading are quite frequent when it comes to Coinbase, as was the case around BCH’s listing on the platform. This significant information and the frenzied buying of XRP indicates evidence of insider trading.
Has Ripple bribed Coinbase?
Insider trading allegations is not the only controversy surrounding the launch of XRP on Coinbase. Coinbase has also been accused of accepting a hefty bribe from Ripple to launch their cryptocurrency. Media giant Bloomberg reported Ripple’s attempt to offer financial incentives to Gemini and Coinbase to secure XRP a listing. Gemini and Coinbase both declined the lucrative offer but ever since XRP’s official launch it looks like Coinbase has many questions to answer.