The features supported in this beta include funding your account with XRP, buying and trading XRP through fiat-to-crypto and crypto-to-crypto trading pairs. Due to the fact that this is just a beta release, users will not be able to withdraw their XRP into a third-party wallet for the time being.
However, upon the full release, the Coinsquare team expects to have withdrawals for the third-largest cryptocurrency by market capitalization enabled. The Toronto-based exchange wrote:
During the beta, you unfortunately cannot directly withdraw XRP. In order to withdraw that value, you have to exchange it to BTC, ETH, or fiat first, then withdraw. Our team is working hard to have XRP withdrawals implemented as soon as possible
As covered by The Next Web’s in-house cryptocurrency column, the support for this crypto asset has been a long time in the making, with Coinsquare originally announcing plans in January. Cole Diamond, Coinsquare’s CEO, told the Bloomberg-owned Business News Network the following.
“We’re going to be adding Ripple, we’re going to be adding Monero. We’re going to be adding other digital currencies that have their own blockchains and never did ICOs (initial coin offerings) – with the exception of Ethereum.”
However, during his appearance on the Canadian business-centric news source, he did not give a clear timeline about the integration of these assets. The firm then went quiet for months, with users starting to lose faith that this plan would eventually become a reality.
But with this most recent announcement, it has become apparent that XRP support has finally been finalized, becoming one of the first North American fiat-supported exchanges to offer XRP trading.
Other platforms, like Coinbase and Gemini, have been hesitant to introduce support for such an asset, as U.S. regulatory entities are still pondering over XRP’s status. But seeing as Coinsquare is based in Canada, there might have been more regulatory-leeway regarding this specific breed of cryptocurrencies/digital assets.
Coinsquare Eyes Global Roll-Out
Coinsquare has been eyeing widespread expansion, ramping up their marketing campaigns in Canada, along with introducing plans for a global roll-out.
As reported by Ethereum World News, Coinsquare launched a plan to move into Japan in mid-July, collaborating with a so-called “global blockchain investment bank” to ensure that all goes to plan. The exchange’s partner, DLTa21, will work with local governments to ensure that the Coinsquare-backed Japanese exchange will be compliant with local rules and regulations.
Speaking on this collaborative move, Diamond stated:
“Japan is a unique market and we’re looking forward to offering our platform’s capabilities to the Japanese market.”
This all comes amidst Coinsquare’s efforts to issue an initial public offering (IPO) on the Toronto Stock Exchange, in a bid to raise $150 Million CAD. The firm pointed out that the capital raised through the sale of shares would be utilized for a further expansion into new markets, with a specific target being placed on the back of U.S. and U.K. cryptocurrency traders.