Board discussed offering crypto and cash to get access to US investors, but rule breach fears killed the plan.
In a week where Ripple had managed to garner some much-needed good publicity, Bloomberg is now reporting that last year it held internal discussions about offering financial incentives to the Gemini and Coinbase exchanges in order to be listed with them.
The San Francisco based company wasn’t able to convince either to take it on, however, despite offering $1m in cash to Gemini, the report says – citing people “familiar with the matter”. Apparently, both were worried that the way the company retained such tight control of the crypto helped create – and has since tried to distance itself from, at least in the eyes of the community – would leave it afoul of the Securities law further down the line.
The report goes on to say that Coinbase was offered a loan of “more that $100m worth of XRP” to list it. Though the offer was never put in writing, the source says that the offer included the caveat that the loan could be paid back in Ripple or dollars, meaning the exchange could have profited if prices rose.
It is not unusual for a currency to foot some of the cost of being listed on an exchange, in some way or another. Here it is the refusal of Coinbase and Gemini to take on Ripple that is really of note – and its continued, increasingly animated, attempts to be listed by a major American registered exchange while maintaining its current fiscal policy of holding such large reserves of what is ostensibly its own currency.