After waiting for over a year to be listed on a prominent exchange, XRP still hasn’t been able to make way to be listed on Coinbase. But according to latest developments, XRP may soon find itself listed on Nasdaq’s new exchange initiative giving XRP a first high profile exchange listing
Nasdaq- Ripple’s knight in the shining armor
While the story is yet to be confirmed by an official announcement, certain sections of media have reported that there is close relationship building up between Ripple and Nasdaq executives. The conversation between the two have been going on for four months and XRP is set to be one of the initial coins listed when Nasdaq launches its crypto exchange in early 2019.
If reports are to be believed, the foundation for the partnership really gets down to one issue for the Nasdaq – Market Cap. While Nasdaq is keen on listing coins with the largest market cap coins, a crypto bubble that remains polarized concerning XRP is still a hurdle.
Two sources close to this development were quoted by certain sections of media. One source at Nasdaq said:
“We aren’t interested in the noise. We are interested in scale. If we start this initiative with the top five or seven 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. Look at it this way – there is just as much noise around Bitcoin Cash as there ever has or ever will be around Ripple’s cryptocurrency. And Bitcoin Cash is listed almost ubiquitously across all exchanges. So, we see no reason to exclude $XRP. Instead, we’ve learned in and embraced what they bring to the table. You really can’t argue that the firm has a top-notch executive team and is as buttoned up as you will find in crypto.”
The second source at Nasdaq who explained the MarketCap thesis said
“Market cap is just about everything here. Ripple and $XRP could be the second largest cryptocurrency at any moment. So, the decision to include them in our initial offerings is an absolute no-brainer. Easy to do based on the firms’ management team and their continued execution within the banking sector. And we’ve largely eschewed the ‘security token’ debate. Market cap is what plays for us as we develop these solutions. Ripple checks that box and then some. Not to mention they’ve been extremely forthcoming from a due diligence standpoint and made several different members of their management team available to us at a moment’s notice. Adding that to the scale of their coin makes it an easy decision at launch.”
Another comment came in from Ripple’s side which confirmed their talks with Nasdaq,
“Yes, we’ve been in discussions with Nasdaq around their exchange initiative and have been willing to answer any and all due diligence questions. We believe in what we are doing here, our products and services, and $XRP as well. Nasdaq will ultimately be the final arbiter of who gets listed next year, but we believe we will be firmly in that group. Without giving too much away, the excitement around here for where this is headed is pretty fun to watch. The Nasdaq exchange and custody product is going to be something special.”
Coinbase’s listing policy revamp could also find XRP on Coinbase
While this Nasdaq story is still brewing, there is another story developing of XRP listing after Coinbase revamped its listing policy. San Francisco-based Coinbase has announced its new policy to “rapidly list all assets that meet our standards and are compliant with the local law,” according to a new blog post published on September 25th, 2018. While Coinbase did not mention XRP specifically, speculators and crypto enthusiasts have already started speculating that the token may be the beneficiary of this policy change.
While both the news are still not yet confirmed, the developments come as good news for XRP and Ripple community. The prices of XRP would skyrocket once both the exchanges confirm listing XRP.
Will XRP find itself listed on both the exchanges? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.