Coinsquare Launches XRP Support Before Global Launch

Coinsquare Launches XRP Support Before Global Launch

Coinsquare, a Canadian crypto exchange has revealed that it will be supporting XRP. Coinsquare used Twitter to announce that XRP support is now live. The features included in this beta version include funding the users account with XRP, buying and trading XRP through fiat-to-crypto and crypto-to-crypto trading pairs. Since this is a beta release, users will not be able to withdraw their XRP holdings into a third party wallet right now.

However, when the full release takes place, Coinsquare expects to have withdrawals for XRP. The Toronto based exchange said,

During the beta, you unfortunately cannot directly withdraw XRP. In order to withdraw that value, you have to exchange it to BTC, ETH, or fiat first, then withdraw. Our team is working hard to have XRP withdrawals implemented as soon as possible.

The support for this Ripple based token has been long in the works as plans were initially announced in January. Cole Diamond, Coinsquare’s CEO told Business News Network,

We’re going to be adding Ripple, we’re going to be adding Monero. We’re going to be adding other digital currencies that have their own blockchains and never did ICOs (initial coin offerings) – with the exception of Ethereum.

However, when he appeared on the Network, he did not give a clear explanation of the timeline about the integration of these tokens with the system. The platform didn’t talk about this for months and consumers feared that the plans had been withdrawn.

This recent announcement has lifted consumers’ fear and it is clear that XRP support is becoming a reality. This base Coinsquare the first North American fiat supported exchange to offer XRP.

Other exchanges such as Coinbase and Gemini have been hesitant to include XRP since the U.S. regulatory authorities are still debating on XRP’s status. However, with Coinsquare’s move, the authorities may be able to roll out regulations in favor of XRP soon.

This news comes at a time when Coinsquare is expanding its operations around the world to countries like Japan.  

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.