Ripple [XRP] has allegations of a financial incentive offering attempt. The world’s third-largest cryptocurrency, Ripple allegedly attempted to offer an incentive to Coinbase to get their token listed but failed with a rejection. They offered $100 million worth of XRP, according to sources from Bloomberg and Steemit.
The start-up controls the currency, XRP, and many banks have signed onto its network. They bought equity stakes in its business for rewiring how money moves around the world. Yet, obtaining a coveted listing for XRP on two of the top U.S crypto exchanges has not been possible by Ripple.
According to 4 people with direct knowledge of this matter said, last year, this San Francisco-based company suggested paying financial incentives to the venues – Gemini and Coinbase. They had requested anonymity for private information discussion.
Ripple signaled that its futures glory is oscillating with the listing on top trading venues when it dangled money in front of exchanges. Previously, according to sources from Steemit and Bloomberg, a Ripple executive questioned if $41 million cash payment could persuade Gemini to list XRP in the third quarter. This was followed by other attempts to get Gemini to add XRP. As a part of this, Ripple explored strategies like paying rebated and covering related costs.
According to Collin Crypto’s Tweet,
“Fun fact: Binance, Cryptopia, Liqui, Kucoin, & many other exchanges all have been accepting bribes for listings for months. Your fav ICOs likely just as guilty.”
David Greene, a Twitterati says:
“Accepting bribes? Surely, they have every right to charge a listing fee? Yeah, most exchanges charge listing fees for a lot of coins but when Ripple does it, it is a bribe.”
Maya Botham, a market enthusiast tweeted:
“To get a company listed on Wall Street, they pay up to 250k for an IPO to the SEC along with many other fees. I’d say this is probably a common practice for a lot of exchanges, if not it will be soon.”
Paul Marasigan, a blogger commented:
“Binance has been charging millions for listings and listing CTR shows they don’t care about legit projects just the Benjarmins. Where’s the outrage in that? I get why people don’t like XRP, but this is a dumb thing to get mad about, especially because investors of other coins complain all the time about developers not paying the fees to get listed on better exchanges. Those are probably the same people bitching about XRP.”
Company spokeswoman, Emmalee Kremer said some of the information was inaccurate but declined to specify more details regarding the issue at hand when she was disputing Ripple’s proposals to the exchanges.
“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.”
Gemini, which was co-founded by Cameron and Tyler Winklevoss, declined to comment.
Dave Weisberger, CEO of CoinRoutes, a cryptocurrency data and order routing company stated:
“Yet the motive to list is still there: A crypto issuer paying to get their token on an exchange could make 100 times that payment by selling off those coins when it lists.”