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Coinbase Allows XRP Trading For Residents in New York State

· 14 May 2019 in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The recognized and popular cryptocurrency exchange Coinbase is now allowing users from New York to purchase the XRP digital asset. The announcement comes a few months after the exchange added support for XRP for its users around the world. The information was released by Coinbase on Twitter on Monday.

Coinbase Adds Support for XRP in New York

Coinbase has recently announced that investors from New York will now be able to purchase XRP on its platform. They can do so on Coinbase.com or using iOS and Android mobile apps. In this way, people will have the possibility to convert, send, receive, buy, sell and store XRP on Coinbase. After the announcement, XRP experienced an important price increase.

According to CoinMarketCap, XRP surged almost 21% in the last 24 hours. The third largest cryptocurrency is now being traded around $0.388 and it has a market capitalization of $16.34 billion. Nonetheless, all the crypto market is operating positively in the last 24 hours. There are just a few digital assets that are experiencing losses.

In February 2019, Coinbase added support to XRP for most of the jurisdictions around the world. However, residents from the United Kingdom and New York were not supported. This was one of the most requested virtual currencies to be added to this platform. XRP has a very large and active community that has been asking for Coinbase to add support to it.

During the last years, Coinbase decided to add more digital assets to its platform. It has also added support to several ERC-20 digital assets such as Decentraland (MANA), Loom Network (LOOM) or Basic Attention Token (BAT). The last one is used on the Brave web browser for users to receive rewards for the attention they pay when they see ads while surfing the web.

In addition to it, Coinbase has released a “fast and free” payments service that uses XRP and USDC, the stablecoin backed by Circle and used by Coinbase users. This service is an educational resource for users to learn about the benefits of virtual currencies for making cross border payments.

Coinbase Pro is currently the 21st largest crypto exchange according to CoinMarketCap. In the last 24 hours, the platform handled almost $1 billion in trading volume. BTC/USD is the most traded pair representing 50% of the trading volume of the platform. Meanwhile, XRP/USD is the 6th largest trading pair on Coinbase Pro representing 3.62% of the trading volume.

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