Business

Gerald Fenech

Ripple’s XRP scrambles to get listed on Gemini, Coinbase: report

As the cryptocurrency market continues to take a hit with values plummeting by around 80% of their worth since January, Ripple’s XRP coin is struggling to get listed on two major exchanges in the United States, according to a NewsBTC report.

XRP has been consistently touted as a “crucial link” between banks and the innovative cryptocurrency market. It is supposedly designed for maximum speed and efficiency, but its value has slumped disastrously in recent weeks with its value currently at below the $0.50 mark.

The news outlet quoted a source who claimed there was an attempt by Ripple executives to persuade Gemini to list the currency in the third quarter of 2017. The sum of $1 million was also allegedly offered. However, this bid was deemed unsuccessful. Further attempts were also made to list the currency on Gemini with a payment rebate structure and the payment of costs, but they also came to nothing.

Talks with Coinbase also hit a snag with Ripple coming out with a huge offer of $100 million in XRP coins to allow traders to start trading in the asset, according to the report. Although Ripple even offered to pay back the loan in the coin or in dollars, where the exchange would have profited if the price rose upon listing. In the end, however,  Coinbase decided not to list the currency

Currently, clients of Coinbase and Gemini exchanges can only trade in Segwit-Coin BTC (inaccurately referred to as Bitcoin Legacy or Core by many) and Ethereum. Coinbase also offers trading in Bitcoin Cash and Litecoin. Gemini’s founders, the Winklevoss brothers, indicated that they might be offering trading on Bitcoin Cash and Litecoin in the not too distant future.

Incidents of cryptocurrencies paying to be listed on exchanges were not unusual, according to an Autonomous Research report, which noted that costs could reach up to $3 million “for an opportunity to get quick liquidity.”

What could complicate matters is if the digital token that seeks to be listed is later deemed to be an unregistered security, the report quoted Clifford Chance lawyer Jesse Overall saying. Ripple’s rise in price in the past had been linked to rumours that it would be listed on U.S. exchanges but when this came to nothing, the price tanked badly and has not shown any sign of recovery since.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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