- Japanese crypto platform Coincheck has announced that it will be listing XRP, the digital asset associated with San Francisco-based fintech company Ripple.
- This new listing is significant for both Coincheck and Ripple, as it represents a significant expansion of both companies’ reach in the global cryptocurrency market.
Know the details
The announcement of the XRP listing was made by Coincheck CEO Koichiro Wada in a blog post on the company’s website. In the post, Wada stated that Coincheck had been monitoring the development of XRP and the Ripple network for some time and was impressed by its potential for international payments.
Wada went on to state that the addition of XRP to Coincheck’s platform was part of the company’s strategy to expand its offering of digital assets and provide its users with access to a wider range of investment opportunities. He also noted that the company was committed to ensuring the security of its users’ funds and would be taking steps to prevent any potential security breaches.
The announcement of the XRP listing has been welcomed by both the Ripple and Coincheck communities. Brad Garlinghouse, CEO of Ripple, tweeted his excitement at the news, stating that “Japan is a critical market for both Ripple and crypto overall.” Many XRP investors have also expressed their enthusiasm for the new listing, with some predicting that it could lead to an increase in the asset’s value.
The announcement of the XRP listing by Coincheck is also significant in the wider context of the cryptocurrency industry. Japan has been one of the most crypto-friendly countries in the world, with a range of businesses and individuals embracing digital assets as a means of payment and investment. The addition of XRP to Coincheck’s platform further cements Japan’s position as a key player in the global cryptocurrency market.
However, the XRP listing by Coincheck may also raise questions about the legal status of XRP in Japan. In December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging that the company had raised $1.3 billion through an unregistered securities offering by selling XRP to investors. While Ripple has vigorously denied the allegations, the lawsuit has caused some exchanges to delist XRP and has led to uncertainty about the legal status of the asset.
It is unclear how Japanese regulators will view the listing of XRP on Coincheck’s platform. However, it is worth noting that Japan has taken a more relaxed approach to the regulation of cryptocurrencies than some other countries, and the addition of XRP to Coincheck’s platform may be seen as a positive development by regulators.
Conclusion
In conclusion, the announcement of the XRP listing by Japanese crypto platform Coincheck is a significant development for both Ripple and the wider cryptocurrency industry. The addition of XRP to Coincheck’s platform will make the digital asset more accessible to Japanese investors and could lead to increased demand for the asset. However, it remains to be seen how the XRP listing will be viewed by Japanese regulators and what impact it could have on the legal status of the asset in the country.
Source: https://www.thecoinrepublic.com/2023/02/15/japanese-crypto-platform-announces-xrp-listing/