The cryptocurrency exchange Gemini, based in New York, has announced that it will accept deposits of Ripple’s XRP on its platform. Gemini asserted alignment with its mission for financial independence, despite the absence of custodial services at present. Gemini plans to start with USD trading pairs and expand to pound sterling, euro, and Canadian dollars. Instant XRP trading is confined to deposits.
With a $33.2 billion valuation, Ripple’s XRP is the fifth-largest digital asset in terms of market capitalization. Ripple Labs founded XRP with the aim of enabling banks and financial institutions to achieve fast and affordable cross-border money transfers..
The announcement from Gemini comes just after Ripple had a significant legal development. The alleged sale of unregistered XRP securities led to the SEC’s 2020 complaint against Ripple. However, a federal judge determined that programmatic XRP sales to retail investors did not qualify as securities. While the decision deemed $728 million institutional sales as unregistered securities, it positively influenced XRP’s market price.
Beyond trading, Ripple’s technology has other uses. The XRP Ledger from Ripple has been chosen by Colombia’s central bank for use in land distribution initiatives there. Ripple’s legal representative revealed US institutions’ interest in adopting its On-Demand Liquidity (ODL) product, indicating broader potential usage.
Gemini XRP Listing Highlights Evolving Regulatory Landscape for Cryptocurrencies
The SEC has announced its intention to appeal the judge’s decision that XRP is not fundamentally a security in reaction to the most recent decision. This new discovery advances the ongoing discussion about how to regulate cryptocurrencies like XRP.
We have xciting news!
XRP is now available for deposits on Gemini. Trading support will follow xtra soon. 🤝 pic.twitter.com/f2EjxewRm0
— Gemini (@Gemini) August 10, 2023
Gemini’s choice to offer XRP shows the shifting trends in the use of digital assets and the interactions between market participants and regulatory agencies. Legal decisions can significantly shape individual cryptocurrencies and the broader market’s evolution amid ongoing industry development.
The inclusion of XRP in Gemini’s portfolio demonstrates the exchange’s dedication to provide its user base a broad selection of investing alternatives. XRP’s regulatory future remains uncertain; its Gemini listing enhances user access and exposure to the digital asset. Cryptocurrency’s future and integration into finance hinge on such developments amid a challenging regulatory environment.