Ripple’s tried to buy listings on Coinbase and Gemini
Ripple's getting rebuffed at every turn for a few possible reasons.
Ripple has risen and fallen on news of its potential arrival on cryptocurrency exchanges, and a listing on Coinbase in particular has been rumoured for a while. According to insiders, the lack of a listing certainly isn't for lack of trying.
Bloomberg reports that Ripple has struggled to get listed on the Coinbase and Gemini platforms, and when knocked back, they tried to buy their way on with various deals. These deals reportedly ranged from a flat $1 million cash on the table at Gemini to other arrangements for combining paid listings and covering the costs of integration.
It's a bad look for Ripple, but at the same time, it's worth noting that paid listings might be relatively common on mainstream markets. As Bloomberg notes, Nasdaq, Inc.'s stock markets can charge annual fees up to $155,000 according to the company's rule book.
The exchanges' decision not to list Ripple and their willingness to decline paid offers isn't necessarily a reflection of Ripple's quality either.
The current regulatory situation in the United States has resulted in many exchanges putting a hold on new coin listings for fear of unintentionally and illegally listing a token that the SEC deems to be a security. Coinbase in particular has said outright that they want to list new assets but won't until there's more regulatory clarity about what is and isn't a security.
Ripple might toe that line more closely than most coins because, unlike bitcoin and most others, Ripple is a business and XRP tokens arguably look more like securities than most other cryptocurrencies.
It's also worth noting that as a business, Coinbase and Gemini might see Ripple as unwanted competition. They're all in the business of moving money via crypto, and there are signs that Coinbase might be angling for the same international payments market that Ripple's focused on.
In the grand scheme of Coinbase and Gemini, a million bucks plus expenses might not be anywhere near enough to persuade them to list a competitor.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VEN, XLM, BTC and NANO.
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