Ripple Has Tried to Buy Its Way Onto Major Exchanges for Cryptocurrency
Startup asked Gemini, Coinbase if money would persuade them
XRP has surged on speculation it may list on big U.S. exchange
Ripple CEO Brad Garlinghouse Discusses the Future of XRP
Ripple has a problem.
The startup controls the world’s third-largest cryptocurrency, XRP. Banks have signed onto its network and bought equity stakes in its business, which wants to rewire how money moves around the world. And yet when it comes to obtaining a coveted listing for XRP on two of the top U.S. cryptocurrency exchanges, Ripple hasn’t been able to close the deal.
It isn’t for lack of trying. Last year, the San Francisco-based company suggested paying financial incentives to the venues, Gemini and Coinbase, according to four people with direct knowledge of the matter, who asked not to be identified discussing private information.
For all the hype surrounding Ripple and XRP, its absence on markets like Gemini and Coinbase is eye-catching. By dangling money in front of exchanges, Ripple signaled that its future success hinges in part on getting XRP listed on the top trading venues. But there’s a major headwind in that effort: U.S. officials have warned unlicensed exchanges not to list tokens that could be deemed securities. XRP’s control by a single company has fueled speculation it could fall under that designation.
