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.
Last year, a Ripple executive asked whether a $1 million cash payment could persuade Gemini to list XRP in the third quarter, according to people familiar with the matter. That followed other attempts by Ripple to get Gemini to add XRP, exploring strategies like paying out rebates and covering related costs, the people said.
During preliminary talks with Coinbase last fall, Ripple said it would be willing to lend the exchange more than $100 million worth of XRP to start letting users trade the asset, according to a person privy to that discussion. Ripple, without putting the proposal in writing, told Coinbase it could pay back the loan in XRP or dollars, the person said. If the exchange had chosen the latter, it could have profited had the tokens become more valuable upon being listed, the person said.
Gemini and Coinbase both declined to pursue the proposals, the people said.
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