Ripple offers Coinbase $100 million for listing
Ripple’s XRP finds itself in a difficult position. Widely regarded as a major player in the crypto scene, the San Francisco based start-up’s token has been adopted by banks but still isn’t listed on Gemini or Coinbase, two of America’s largest and most secure cryptocurrency exchanges. For similar stories take a look at our homepage blockchain daily
Ripple’s latest effort? A bundle of cash. They’ve offered Coinbase a loan of $100m in XRP to get listed on the exchange, in a move that suggests the coins presence on the popular trading platform wouldn’t just provide security and familiarity for potential investors, but that its very future may depend on being listed on their or Gemini in the near future.
Regulation efforts from governments have taken their toll on token prices over the past 4 months, and they come into play here too with U.S. officials have warning unlicensed exchanges against listing tokens that may be perceived as securities. And given that XRP is controlled by a single company, fears abound that it might be perceived as just that.
According to Bloomberg, Coinbase have declined the offer, as Gemini did last year when a Ripple executive asked whether a $1 million cash payment get XRP listed on their exchange.
Company spokeswoman Emmalee Kremer explained that some of the information regarding this proposal was inaccurate, adding that “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.”
Interest in XRP remains high, if the company’s sales figures are anything to go by. According to a post on their website, $167.7 million worth of XRP was sold in the first three months of 2018, which represents an increase of 83 percent compared to the previous quarter. Tom Channick, Ripple’s head of corporate communications, told CoinDesk that XRP sales “exceeded our expectations.” He then added: “As a company, our strategy remains focused on signing up customers to use our technology and moving those customers into production. If we continue to do that, we will fix how money moves around the world.”