Pay to play, are we? Ripple, it is said, has tried to buy its way onto major US cryptocurrency exchanges, with talk that the startup has asked both Gemini and Coinbase if money would persuade them.
Even going so far as to offer the companies $1 million and $100 million respectively.
As reported, the San Francisco based company suggested paying financial incentives to these exchanges last year. But despite that, the company was not able to close the deal for these coveted listing for XRP on these two platforms.
All of which has helped become its cryptocurrency become the third most valuable of them all. XRP has a market capitalization to the tune of $19.5 billion. However, it is also one of the most centralized digital currencies out there — over half of the tokens are controlled by Ripple, in fact.
This setup not only puts it at odds with the US Securities and Exchange Commission, as the regulator has warned that tokens that could be deemed securities should not be listed on unlicensed exchanges.
It is also the reason why these big exchanges have shown reluctance to list XRP.
The company knows that its future success hinges in part on getting the token listed on venues with top trading volumes. Banks using its token for payments and institutional investors buying equity stakes in its business is one thing, but its absence on markets like GDAX is another.
And while paying for a listing is perfectly legal, given the fact that traditional markets charge such fees.
The big question is when the company manages to get these eye-catching listings in these big US based exchanges, as a United States listing would go a long way in cementing XRP among other crypto giants like Bitcoin and Ethereum.
For the time being though, the company is not certainly not giving up.
The Ripple rollercoaster continues.