REP is not really a coin. But I guess it's gonna be listed in coinmarkecap in the future as some kind of "asset".

I don't  even know if it's gonna work in a (centralized) exchange.

Reason: if you don't use it (report bets) you lose it (to other active users who do).

But sure it could possibly be traded in a decentralized exchange on top of ethereum in the future.

Source: http://www.augur.net/blog/what-is-reputation