The third largest cryptocurrency on the planet by market cap has been having real troubles with several exchange firms. The main thing being that these exchange firms particularly in the U.S aren’t ready to list the Ripple XRP on their platforms for trading. Other cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC), have had the privilege of being on some of the most widely used cryptocurrency exchanges in the U.S, Coinbase and Gemini. Their presence on these platforms have undeniably helped in their price appreciations over the years.
But Ripple hasn’t had this same privilege and hasn’t been so pleased with it. It’s also not that the heads of Ripple haven’t made any attempts at being enlisted. In 2017, there were several rumours that Ripple had actually suggested that it was going to pay some amount of money to these two exchangers to have them register their coins on their platforms for trading. For Ripple to get desperate enough to want to pay money to have their coins registered on these platforms for trading actually shows to what extent the firm recognises exchanges can determine the future of their XRP coin.
Why Are Many Exchanges Reluctant In Enlisting The XRP
The United States recently passed out a warning which is meant to forbid exchanges from enlisting tokens which qualify to be securities, and there some of these exchanges who think that the XRP being controlled by only one company, Ripple, makes it eligible to be a security.
Among the rumours was that one of Ripple’s executives had actually offered a million dollar cheque to Gemini just for them to enlist the XRP for trade. It also claimed that Ripple made successive offers to pay rebates.
Then came the Coinbase rumours. Most of the news that came with regards to Coinbase were that Ripple was also ready to offer the exchanger 100million US dollars worth of XRPs so the platform will enlist the coin and allow people to start trading in it. Unfortunately for Ripple both exchangers were not interested.
As would be expected, Ripple’s spokeswoman Emmalee Kremer also responded that
“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.”
Tyler Winklevoss of Gemini however refused to make any public comments about the issue, and so did Coinbase reps.
The Ripple XRP Is Really Worth A Try
The very people who believe in the ability of Ripple think it is something that could bridge a very vital link between banking and digital currencies as a whole. The XRP Jas had most of its successes with financial institutions like banks with its greatest defence being the ability to carry cross-border transactions in a space of hours instead of days.
What is left to be clarified now is whether the XRP is actually a security or not. Should it be sais to be a security then it would no longer be considered as a cryptocurrency and that would mean it would now be regulated by some of the rules that also constrain things like stocks.
According to Jesse Overall, what needs to be realised however is that Ripple paying to have its XRP being listed on these exchange platforms is not legally wrong. What needs to be clarified at the moment is whether or not XRP is a security or a cryptocurrency. If it is a cryptocurrency then they are legally right. But, should be identified as being a security then it would be considered as an unregistered security and there will be a whole lot of complications to that legally. David Weisberger of CoinRoutes also stated that whereas digital currencies are to a large extent not supervised,
“In the equity space, listing fees have always historically been coupled with the notion of regulation,”.
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Featured Images via Shutterstock and Express (UK)
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