For around four months Ripple has been conducting negotiations with NASDAQ (National Association of Securities Dealers Automated Quotation Exchange) in a bid to have them list XRP come 2019. If this were to happen, then we could see big exchanges such as Coinbase lose their strong grip of the market.
On the matter of NASDAQ listing, Ripple had earlier stated that:
“The back and forth has been ongoing for better than four months and $XRP is set to be one of the initial coins listed when @Nasdaq launches its crypto initiative in early 2019. Nasdaq listing XRP early 2019 is huge news and makes coinbase irrelevant! #XRP.”
NASDAQ Interested in Coins with Largest Market Cap
The foundation of Ripple, NASDAQ collaboration was driven by the fact that XRP has a large market cap, which is what executives at NASDAQ have been aiming for.
According to ABACUS JOURNAL, a source at NASQAD said that they are more interested in the scale of cryptocurrencies, and not necessarily about the noise of crypto being a bubble. The source noted that:
“We aren’t interested in the noise. We are interested in scale. If we start this initiative with the top five or seven “security coins” by market capitalization, why would we exclude $XRP? There is no good reason to exclude them, at least the way that we are evaluating our work. Look at it this way – there is just as much noise around Bitcoin Cash as there ever has or ever will be around Ripple’s cryptocurrency. And Bitcoin Cash is listed almost ubiquitously across all exchanges. So we see no reason to exclude $XRP. Instead, we’ve learned in and embraced what they bring to the table. You really can’t argue that the firm has a top-notch executive team and is as buttoned up as you will find in crypto.”
Confirming the discussions, an employee from Ripple said that:
“Yes, we’ve been in discussions with Nasdaq around their exchange initiative and have been willing to answer any and all due diligence questions. We believe in what we are doing here, our products and services, and $XRP as well. Nasdaq will ultimately be the final arbiter of who gets listed next year, but we believe we will be firmly in that group. Without giving too much away, the excitement around here for where this is headed is pretty fun to watch. The Nasdaq exchange and custody product is going to be something special.”
Frustrations of Ripple by Coinbase Could be put to Rest
For a long time, many Ripple investors have hoped that Ripple would be listed in Coinbase, but that has not happened. The giant brokerage has continually frustrated ripple, choosing to go for other coins such as Bitcoin Cash and ZRX (which was listed recently), but ignored XRP. The listing by NASDAQ will put these frustrations to rest, considering that the platform is a global brand and exchange.
Speaking about this matter, a Ripple employee said that:
“This inclusion justified I might add, gives us less interest in taking whatever unnecessary steps Coinbase would have us take to meet any listing standards they deem relevant. So while it would be welcome to finalize a $XRP listing on Coinbase we simply aren’t interested in moving heaven and earth to do so.”