Another good news for the traders and investors of XRP was recently announced for Ripple. Major exchange platform COBINHOOD announced the official support for Ripple (XRP) and stated that the coin will go live on October 19. COINHOOD is most known for offering zero-fee trading.
Co-founder and CTO of COBINHOOD, Wei-Ning Huang made the official announcement about the new listing. In the message the CTO stated: “we are excited to officially roll out our margin trading feature. Ss we continue to improve and expand the COBINHOOD platform. Unlike other cryptocurrency exchanges, at COBINHOOD we are constantly innovating our features and services to support traders. We look forward to improving the COBINHOOD platform and offering innovative features that will keep the industry moving forward as it grows”.
According to the official info on the company website, CobinHood now supports deposit, withdrawal and margin trading of select coins. With this announcement the list will go on to include trading pairs with XRP. The promised pairs include: “XRP/ USDT and XRP/ BTC. But 3X margin trading will be offered for BTC/USDT, ETH/USDT, ETH/BTC and COB/ETH”. The announcement also stated that “with margin trading, users who wish to trade can easily trade more than they would normally trade. They can do so by borrowing up-to three times their deposited amount from the exchange. Later the platform will be repaying them back with interest”.
Significance for XRP
This is especially an important development for the users of XRP as now they will be able to trade the digital coin without any trading fees on the platform. The source commented on the significance of the new listing stating that “this is pretty welcomed for a coin. It is working overtime to make sure there is enough liquidity as it embarks on a global drive ensuring their services are accessible to all tiers… We expect to see further upsides before the end of the year”.