Cryptocurrency

Ripple Denied From Exchanges Despite Cash Offers

Ripple

Ripple, which controls the world’s third-largest cryptocurrency, XRP, is still being denied a listing on two of the country’s top cryptocurrency exchanges.

According to Bloomberg, sources say that Ripple has even suggested giving the venues, Gemini and Coinbase, financial incentives to get them to list XRP.

Last year, a Ripple executive approached Gemini about a $1 million cash payment to list XRP in the third quarter. There were other attempts by Ripple to get Gemini to add XRP, such as paying out rebates and covering related costs.

And last fall, Ripple said it would lend Coinbase more than $100 million worth of XRP so users could start trading it. Ripple also told Coinbase it could pay back the loan in either XRP or dollars. If the exchange had chosen cash, it could have profited if the tokens become more valuable after being listed.

The sources said that both Gemini and Coinbase declined to pursue the proposals.

While Ripple’s company spokeswoman, Emmalee Kremer, said some of the information was inaccurate, she wouldn’t give any specifics.

“Regardless, Ripple has always been transparent about our focus on building and growing a strong XRP ecosystem,” she said. “We want XRP to be the most liquid digital asset possible to enable faster, cheaper global payments.”

Part of the issue for Ripple is that U.S. officials have warned unlicensed exchanges not to list tokens that could be deemed securities. XRP’s control by a single company has led some to wonder if the cryptocurrency could fall under that category.

In the meantime, Ripple is looking to invest in startups and technology firms that can create more uses for XRP.

Brad Garlinghouse, CEO of Ripple, said the company is focused on allowing banks to use its blockchain software offering, while also looking to invest in startups that could provide alternative uses for XRP.

“We, Ripple, will stay focused on solving that institutional use case, but we would certainly partner with companies that are looking to use XRP in lots of different ways,” said Garlinghouse.

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