Ripple aims at improving the experience of cross-border payments. It wants to help financial institutions to send and receive cross-border payments in an easy way. However, this task is not so easy when there are several competitors in the market. This is why Ripple could be interested in starting a partnership with the American stock exchange Nasdaq.
According to some reports, a source from Nasdaq said that the exchange is not interested in all the ‘noise’ around virtual currencies. However, a Nasdaq source said that they are interested in scale.
Could Nasdaq Partner with Ripple?
Although there is nothing confirmed, there are some sources quoted by Abacus Journal that hint at Nasdaq partnership plans. Apparently, the stock market would not exclude XRP from its platform if its starts adding virtual currencies. According to Executives at Nasdaq, they are interested in listing the largest cap coins in the market.
One of the sources at Nasdaq commented to Abacus Journal that there is no good reason to exclude XRP from their projects.
About it, the source said:
“If we start this initiative with the top five or seven ‘security coins’ by market capitalization, why would we exclude XRP? There is no good reason to exclude them, at least the way that we are evaluating our work. […] We’ve leaned in and embraced what they bring to the table. You really can’t argue that the firm has a op-notch executive team and is as buttoned up as you will in crypto.”
At the same time, another source explained that XRP could be the second largest cryptocurrency in the market. As per this source, it is very important the market cap at the time of including a coin to the platform.
Abacus Journal informs that they had another conversation with a Ripple employee. He said that they had some discussions with Nasdaq about their exchange and all due diligence questions. However, the employee said that Nasdaq will have to take the final decision about who gest listed the next year.
This decision could be very harmful to other platforms in the cryptocurrency market. For example, Coinbase has not yet listed XRP on its platform but it decided to offer support to other coins such as Basic Attention Token (BAT) or 0x (ZRX).
Another Ripple employer said on the matter:
“This inclusion justified I might add, gives us less interest in taking whatever unnecessary steps Coinbase would have us take to meet any listing standards they deem relevant. So while it would be welcome to finalize an XRP listing on Coinbase we simply aren’t interested in moving heaven and earth to do so.”
The Nasdaq sources seemed not worried about the current discussions related to XRP being considered as a security or not. The main point taken into account by Nasdaq was market capitalization. This is something that will play an important role at the time of deciding whether XRP will be supported by Nasdaq or not.
Currently, XRP has a market capitalization of $20 billion dollars. It is very close to Ethereum (ETH), the second largest virtual currency in the market, that has $21 billion dollars market capitalization.
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.