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Kraken – a San Francisco based cryptographic exchange founded in 2011 – announced in a blog post today that is adding XRP and BCH margin trading to its platform. These news come in a trend where exchanges and other platforms are adding XRP support. Last week, Binance added XRP as the base currency, and eToro integrated XRP into its portfolio.
It seems that Binance was the only exchange that did not suffer harsh criticism following the integration of XRP. Both eToro and Kraken suffered a backlash from the XRP community on Twitter due to various reasons. eToro was criticized for requesting bank transfers to protect XRP deposits on the platform and lack of clarification regarding this requirement. Since then, eToro UK CEO Iqbal Gandham has answered the questions raised by the community, citing:
"This is a risk management decision based on several factors, including the fact that funds sent via cable are more secure and have a higher level of customer due diligence"
When it comes to the launch of XRP and trading on the Kraken BCH margin, some were not satisfied with their naming convention. Specifically, the problem lies in the fact that Kraken has listed the resource as Ripple (XRP) instead of XRP (XRP).
Because it's too much to ask to list $ XRP how XRP? Everyone is trying to be very clear here. Why are not you?
– Tiffany Hayden (@haydentiff) 29 December 2018
Kraken made it clear that the way they list their currencies is first the name of the protocol followed by the name of the resource. Kraken said the protocol is Ripple and that the resource is XRP, so the naming convention makes sense.
However, there has been further criticism as to why XLM has been listed as Lumen (XLM) rather than Stellar (XLM).
Can you explain the use of Lumen: XLM on the platorm, since it is the native resource on the Stellar network? https://t.co/0lAbfBdNTr pic.twitter.com/yFftXj5UIs
– Man Got Crypto (@SacredToes) 29 December 2018
It is clear that the XRP community is adamant in differentiating Ripple and XRP. The main problem with the aforementioned naming convention is that it could confuse new users into thinking about buying shares in the Ripple company. The fact could not be further from the fact that Ripple is a private company and has a separate title.
While one is a financial technology company, the other is a completely independent digital resource. In fact, if Ripple ceases to exist tomorrow XRP will continue to operate until the validators are still online. Ripple only controls about 7% of the XRP network, so its existence, although useful, is not necessary for XRP functionality. As we wrote in our article on Ripple vs. XRP:
"While it's true that the success of XRP can be useful to Ripple, the company relies primarily on its employees and the board of directors to make big things happen." The individual success of XRP depends on community members or whoever is at the top of the Led XRP register. "
What do you think of the Kraken naming convention for XRP on its margin trading platform? Do you think they should change it to XRP (XRP)? Let us know in the twitter poll below:
Think @krakenfx should change the name to XRP (XRP) or leave it as Ripple (XRP) $ XRP #XRPcommunity
– Null TX (@nulltxnews) 29 December 2018
Disclaimer: the provisions contained in this document are based on the particular opinion of the authors. This analysis should not be treated as a trading advice. RoboForex can not be held responsible for the results of trading resulting from the trading recommendations and reviews contained in this document.
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