Coinsquare, one of the most important cryptocurrency platforms in Canada, has just revealed support for XRP trading.
On Tuesday, Coinsquare brought an announcement on Twitter to let users know that XRP support "is now active."
The features supported in this beta include financing your account with XRP, buying and selling trading XRP through fiat-to-crypto and crypto-to-crypto trading pairs. Due to the fact that this is only a beta version, users will not be able to withdraw their XRP in a third-party portfolio for the time being.
However, at the time of the full release, the Coinsquare team plans to have withdrawals for the third largest cryptocurrency by market capitalization enabled. The Toronto-based exchange wrote :
During the beta version, unfortunately it is not possible to withdraw XRP directly. To withdraw that value, you must first convert it to BTC, ETH or fiat, then withdraw. Our team is working hard to implement XRP withdrawals as soon as possible
As expected from The Next Web's internal cryptocurrency column, support for this cryptographic resource has long been under development, with Coinsquare originally announcing plans in January. Cole Diamond, CEO of Coinsquare, told Bloomberg's Business News Network that follows.
"We will add Ripple, we will add Monero, we will add other digital currencies that have their blockchains and never made ICO (initial offers of coins) – with the exception of Ethereum."
However, during his appearance on the Canadian business-centric news source, he did not give a clear chronology on the integration of these resources. The company then remained silent for months, with users who began to lose confidence that this plan would become a reality.
But with this more recent announcement, it became clear that XRP support was finally finalized, becoming one of the first fiat-supported North American stock exchanges to offer XRP exchanges.
Other platforms, such as Coinbase and Gemini, have been reluctant to introduce support for this resource, since US regulatory entities are still reflecting on the status of XRP. But since Coinsquare is based in Canada, there may have been more room for maneuver with regards to this specific breed of cryptocurrencies / digital resources.
Coinsquare Eyes Global Roll-Out
Coinsquare has observed widespread expansion, increasing their marketing campaigns in Canada, along with the introduction of plans for a worldwide launch.
As reported by Ethereum World News, Coinsquare has launched a plan to move to Japan in mid-July, working with a so-called "global investment bank blockchain" to ensure that everything goes by plan. The exchange partner, DLTa21, will work with local governments to ensure that the Japanese exchange sponsored by Coinsquare complies with local laws and regulations.
Speaking of this collaborative move, Diamond said:
"Japan is a single market and we are not looking forward to offering the capabilities of our platform to the Japanese market."
Coinsquare efforts to publish an initial public offering (IPO) on the Toronto Stock Exchange in an attempt to raise $ 150 million CAD. The company pointed out that the capital raised through the sale of shares would be used for a further expansion into new markets, with a specific target placed on the back of US and US cryptocurrency traders.