The numerous cryptocurrency trading platforms in the world need to find ways to stand out from one another. In the case of CoinField, the company has come up with an interesting approach. They now run an official XRP validator, and another new system in the world to promote the use of Ripple’s technology. It is uncommon to see exchanges be so outspoken about supporting one asset, but it isn’t necessarily a bad thing either.
Who is CoinField Again?
With hundreds of cryptocurrency trading platforms in existence, it often becomes difficult to keep tabs on everything. CoinField is an exchange based in Canada that seems to generate a decent amount of overall trading volume. Their goal is to bring cryptocurrencies and digital assets to 100 countries. Onboarding novice investors and enthusiasts remain a problem in this industry. As such, this company aims to help improve upon that situation in the years to come.
Their most noteworthy trading markets include Bitcoin, XRP, Ethereum, and Litecoin. All of those currencies can be traded against the US and Canadian Dollar, as well as the Euro and Pound Sterling. Other supported currencies including Bitcoin Cash, Zilliqa, and numerous others. Most of those can be traded against XRP as well, which makes it one of the few exchanges to utilize Ripple’s native asset as a base trading pair. Most of these pairs generate less than $500,000 in daily volume, though, thus the exchange still has its work cut out.
The XRP Validator
Anyone in the world is capable of operating a Ripple Validator. By effectively launching more validator services, the project itself becomes somewhat decentralized. There is still a difference between being a validator and make it to Ripple’s trust UNL list. These UNLs consist of different transaction validators which will not collude to defraud the network participants. It is similar to how full nodes on Bitcoin need to act in an honest manner, even though there are no official lists of which nodes can be trusted.
Now that CoinField has been added to Ripple’s UNL, it seems the exchange is in a good position. Although this venture is completely separate from the exchange business, one has to keep in mind the firm is rather outspoken about Ripple and XRP as a whole. That is not necessarily a bad thing, as all trading platforms should try to advance the industry as a whole. Whether that is by supporting one project, or an array of different currencies, is entirely up for debate.
The Mystery Project
Interestingly enough, the CoinField team has confirmed they are working on a secondary project. It is expected that more information will become available in the next few days. For now, we know it is a project built on top of the XRP ledger. CoinField CEO Bob Ras has indicated this new venture will “be a big step forward for the whole industry and the mass adoption of XRP blockchain”. Further details remain incredibly scarce, thus speculation will undoubtedly run wild for a while.
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