Unconfirmed: XRP Community Agitated by Discussing Ripple Partnering with Coinbase Rumors. Details

Libra Coin News
Wed, 09/18/2019 - 11:53
Yuri Molchan
The community is discussing the recent interview of Ripple’s top executive, where she mentioned Coinbase wiring XRP for MoneyGram to Mexico but it could just be rumors
Cover image via www.123rf.com

A few days ago, a Twitter user @XrpCenter posted clipped video from the OECD conference that took place recently. One of the speakers there was Breanne Madigan, VP for global institution markets at Ripple.

When giving an example of how xRapid works, she mentioned Coinbase wiring funds to Mexico using XRP, thus letting MoneyGram benefit from the xRapid technology.

@XrpCenter provoked a heated discussion whether Coinbase has secretly partnered with Ripple and summoned xRapid experts to clarify the issue.

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Brief history of the Coinbase-XRP relations

In late February this year, Coinbase Pro finally added three XRP pairs, making the coin’s price surge back then on the news. Some were spreading rumors that Ripple had paid Coinbase a substantial amount to get that listing done but Ripple officially denied that.

Later on, XRP was allowed to trade on Coinbase Pro for NY residents.

In summer this year reports came on Twitter that Coinbase had changed banks and began working with the same bank that had been already using XRP for instant payment – Cross River Bank. The same argument was made in the discussion the other day.

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Are Coinbase and Ripple partners?

Ripple’s Breanne Madigan mentioned that Coinbase wires XRP to Mexico for Ripple-backed MoneyGram as an example, she said. However, the author of the post, @XrpCenter, suspected that she could have accidentally spilt the beans.

He urged xRapid experts to join the discussion. A Twitter user @tenitoshi responded that this is unlikely true. Madigan mentioned the Mexican Bitso exchange as the receiver of the XRP flow in case of transactions to Mexico and Bitso at the moment, as per @tenitoshi, around 70-90 percent of xRapid payments on Bitso comes from Bitstamp, not Coinbase.

Image by Twitter

However, a curious thing is that Coinbase does have a payment system that offers transactions in XRP and its own stablecoin USDC free of charge.

Image by Coinbase

Despite the controversy, many users in the comment thread hope that Coinbase and Ripple prove to be partners indeed, since that would mean a bigger real use-case for XRP and ultimately a bigger adoption.

Image by Twitter

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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