Coinbase recently added XRP, the world’s third largest coin by market cap, to its exchange. Despite praise from the XRP community however, Coinbase continued facing backlash from the XRP community. Some users had previously claimed that their tokens were ‘permanently lost’ due to the ongoing ‘destination tag’ fiasco. The addition of wallet support for XRP was seen as damage control by many.
The Coinbase Wallet handle on Twitter announced made the announcement,
“We’re excited to announce support for XRP on Coinbase Wallet!”
The new wallet update will be rolled out by the exchange next week, and will be available for all users on iOS and Android. The Medium blog added,
“To activate your XRP wallet — all you need to do is tap ‘Receive’ on the main wallet tab and select XRP. The XRP ledger requires that all wallets have a minimum balance of 20 XRP, so please fund your account with at least 20 XRP.”
The blog further informed users that the wallet would support XRP Testnet to help developers and power users. The private keys of the users will be encrypted on their phones with Secure Enclave technology, considered to be the most secure way to safeguard data on mobile phones.
Coinbase was subjected to accusations after it listed XRP, despite the token violating one of the requirements listed by the platform to be listed, reported blockchain research firm Diar. In its “Digital Asset Framework,” Coinbase mentions that the ownership stake [in a token] retained by the team must be a minority stake. According to a report by Diar, Ripple holds around 60% of the supply in escrow with a release schedule.
After the addition of XRP, Coinbase also added support for Stellar Lumens [XLM], which is the eighth largest coin, at press time. The blog noted that it was working on supporting other popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH], among others.
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