PRESS RELEASE: Key Developments Taking Place in XRP

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There are some interesting events happening in Ripple and XRP. For instance, XRP United has introduced the first cryptocurrency exchange that is fully backed by its digital coin. Similarly, Coinbase is ready to provide custodial services for the same virtual asset with the approval of the New York State Department of Financial Services (DFS) for a fully owned subsidiary.

New Firm

The DFS has given permission to Coinbase Custody Trust Company LLC to perform as a limited purpose firm. Interestingly, Coinbase is one of the trusted cryptocurrency exchanges with a valuation of $8.1 billion and holds two DFS licenses. The other being, Money Transmitter and Virtual Currency licenses that they got it in January last year. This enabled it to provide secure custodial services to the top six biggest virtual currencies that included XRP.

Significantly, this is the only cryptocurrency among the top six that was not provided a listing by the exchange. The prices of the digital coin increases when there are rumors of coin listings. Now that the DFS approval is viewed in the right direction, there will be speculation as to when the exchange would list the virtual asset. At the same time, Maria Vullo, Superintendent of the Financial Services, indicated that the approval demonstrated the regulatory system is the best option.


In another development, XRP United has been introduced as the first digital coin exchange based on XRP. This is based out in Estonia. Significantly, the Ripple Company is in the midst of offering several insights about their future products like xRapid besides the launched products. For instance, a few days ago, it has introduced the first digital coin exchange in which the coin will remain as the base for the pairs.

These developments come at a time when Ripple is experiencing massive success in dispelling the accusations of being a centralized space. The ecosystem has become a truly decentralized one with the launch of micropayment services like XRP Tip Bot and Coil, which were developed on the XRP Ledger. For the launch, there were multiple videos with a focus on the event, and several Redditors have also reacted to the launch.

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