XRP set to trade on Coinbase | Suspected wash trading rife at major exchanges, per study
|Feb 25, 2019|
The Block is transitioning to a new email platform. Be sure to add us to your contacts to prevent our newsletters from being sent to your spam folder!
“It’s ingenious and blockchain is important but bitcoin has no unique value at all. It doesn’t produce anything, you can stare at it all day and no little bitcoins come out or anything like that.” — Warren Buffett, CEO Berkshire Hathaway
The Big Block
It is a day that’s been long awaited by one vocal corner of the cryptocurrency world.
XRP, the cryptocurrency associated with payments firm Ripple, will soon trade on Coinbase, one of the largest crypto exchange operators in the United States, the company announced Monday.
“After 10am PT on February 25, 2019, we will begin accepting inbound transfers of XRP to Coinbase Pro,” the firm said in a press release. “We will accept deposits for a minimum of 12 hours prior to enabling full trading. Please note that inbound transfers require the specification of an XRP destination tag.”
To start, XRP is not available on Coinbase.com or via its mobile apps, the press release noted. There will be four stages for XRP’s listing on Coinbase, according to a blog.
“Transfer-only. Starting at 10am PT on Feb. 25, customers will be able to transfer XRP into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.”
“Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.”
“Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.”
“Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.”
Read More on The Block (3 Minutes)
Around The Block
Suspected wash trading rife at major exchanges, per study
CoVenture Crypto, a business line of CoVenture, released a study that analyzes the “true liquidity” of crypto exchanges by exploring where (exchanges) and what people trade (liquidity pairs). Key findings from the report include: 1) Reaching similar conclusions from the Blockchain Transparency Institute report that found 2 of the top 5 reported liquidity pairs have less than 1 percent of their reported volume and 2) true liquidity is in bitcoin pairs on exchanges that have been operating since 2015 (Coinbase Pro and Bitfinex) and have low API driven trades. — More
Going private: STO marketplace picks Symbiont over public blockchains
A startup token sale platform is taking what seems to be a more conservative approach to the nascent new market. Templum announced Monday a partnership with blockchain firm Symbiont to leverage the company’s private Blockchain tech for its sales.
Templum’s business aims to unlock global access to prior illiquid and complex product structures, while facilitating the creation of new instruments entirely, like programmable shares. The new partnerships means the sales Templum already has conducted — including the token for St. Regis Aspen’s sale — will trade on Symbiont’s private blockchain rather than Ethereum. — More
A group of major Central Securities Depositories to research crypto asset custody — More
Bahrain’s central bank moves towards regulating crypto assets; issues rulebook — More
Fetch.AI ICO sells out in ‘about 10 seconds’ — More
U.S. government returns a portion of Bitfinex’s stolen bitcoins — More
51% attacks, bugs, and hacks! Oh my! Here are the problems facing blockchains — More
South Korea crypto exchange files for bankruptcy after employee embezzlement, $26M in losses — More
Japanese financial giant Mizuho set to launch its crypto next month — More
One of Latin America’s largest investment banks is doing an STO — More
New Russian blockchain rules, oil-backed cryptocurrency are reportedly in “final stages” — More