Ripple seems to have a problem. Major US exchanges refuse to list Ripple token XRP. This is reported by Bloomberg.
At the present time, Ripple is the third largest cryptocurrency on the market. XRP’s price is $0.50 and market cap is over $19 billion. Its success has helped Jeff Garlinghouse, Ripple’s CEO, to become one of the world’s first cryptocurrency billionaires.
Ripple failed to close a deal
According to Bloomberg, Ripple is struggling to get listed on the Coinbase and Gemini cryptocurrency exchanges.
As noted by the source, in 2017, Ripple offered $1 million to bitcoin exchange Gemini of Winklevoss twins. This was followed by several other proposals with different conditions.
In addition, Ripple offered a loan of $100 million in a cryptocurrency XRP to Coinbase exchange for a similar purpose. However, they are adamant.
The thing is that US regulators are pursuing a policy aimed at preventing the distribution of securities under the guise of cryptocurrencies. The fact that XRP is controlled by a single company means that this cryptocurrency has at least one sign of a security. Therefore, XRP listing can may pose challenges for exchanges.
In an interview with Bloomberg, a Ripple spokesperson, Emmalee Kremer, declined to comment on the majority of issues concerning possible cooperation with US exchanges. However, she noted the following:
“Regardless, Ripple has always been transparent about our focus on building and growing a strong XRP ecosystem. We want XRP to be the most liquid digital asset possible to enable faster, cheaper global payments.”
Emmalee Kremer added that not all the information provided by the Bloomberg is true. But she refused to say what exactly they made a mistake.
Representatives of Gemini and Coinbase exchanges declined to comment.
Moreover, if XRP will still be recognized as a security, then cryptocurrency exchanges will start to exclude XRP from the listing. Any cryptocurrency exchange that fails to follow the regulations is subject to licence suspension or fines.
Earlier, the possibility of adding Ripple to Coinbase repeatedly became the soil for speculation and rumors, against which the XRP rate showed a positive trend.
We would like to note, the fact that US exchanges refuse to list Ripple and their willingness to decline paid offers isn’t necessarily a reflection of Ripple’s low quality either.