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XRP receives wallet support from Coinbase following destination tag fiasco

Namrata Shukla

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XRP receives wallet support from Coinbase, post destination tag fiasco
Source: Pixabay

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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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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