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Coinbase Reintroduces XRP Support in New York
The crypto exchange Coinbase has reinstated support for XRP in New York, allowing residents to buy and sell the cryptocurrency on its platform once again. New York-based users of Coinbase can now trade or store Ripple (XRP) on Coinbase.com or the crypto exchange’s mobile apps for iOS and Android.
Collaborative Effort with the State
Coinbase Chief Legal Officer Paul Grewal announced the news, emphasizing the collaborative effort with the state to facilitate the token’s return. Grewal stated, “We heard you and put in the work in strong partnership with the State to bring back XRP support for NY-based clients. We are back up.”
Regulatory Background and Coinbase’s Response
Coinbase initially introduced XRP support in the U.S. in 2019. In January 2021, the exchange suspended trading of XRP due to a lawsuit from regulators against its issuer, Ripple Labs, regarding the token’s status as a security. Despite reinstating XRP trading later in 2021, trading for New York customers was unavailable until the recent announcement due to the state’s rigorous regulatory framework.
New York’s Regulatory Landscape
In 2015, New York introduced its BitLicense program, which imposes strict standards on digital currency companies operating within the state. Very few companies have managed to obtain BitLicenses. In September 2023, the New York Department of Financial Services (NYDFS) removed XRP from its “Greenlist,” impacting licensed entities in New York.
Expansion of Cryptocurrency Offerings
Coinbase has expanded its cryptocurrency offerings, including support for XRP on its retail platforms. Additionally, Coinbase launched a “fast and free” payment service using XRP and USDC stablecoin, aiming to educate customers on the benefits of cryptocurrency for cross-border payments.
Market Update
Ripple is currently trading at $0.5352 with a 24-hour trading volume of $1,439,575,221.18. XRP has seen a 0.59% price increase over the last 24 hours and a 3.64% increase over the past week. With a circulating supply of 55 billion XRP, its market capitalization is at $29,279,423,909.
This development follows a similar move by the trading platform Robinhood, which recently made Shiba Inu (SHIB) available for trading with New York customers. Robinhood has also listed Avalanche (AVAX) and Compound (COMP), expanding trading options for its users in New York alongside Shiba Inu.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
