Announcement of a new XRP-associated initiative from Gemini
In a surprising turn of events, Gemini, one of the oldest cryptocurrency exchanges, has announced its support for the XRP token and secured a credit agreement with Ripple ahead of its initial public offering (IPO).
The news, which was teased through a letter-capitalization riddle posted on Tuesday, marks a significant shift for Gemini, which had previously refused to list the XRP token. This decision was met with frustration among many members of the XRP community, who believed the exchange was biased against the top altcoin.
According to a report, Gemini was offered $1 million by Ripple to list the XRP token, but the offer was refused by the exchange. This refusal led to a bitter spat between Gemini co-founder Tyler Winklevoss and some members of the XRP community over the exchange's decision to list Chainlink (LINK) and ignore XRP.
However, it seems that ties are slowly mending between the two parties. Ripple has been chosen by Gemini for a credit line, and Cameron Winklevoss, co-founder of Gemini, has announced a new XRP-related rewards program.
The exact details of the rewards program are yet to be disclosed, but it is expected to be a significant move for the XRP community, who have been eagerly awaiting support from major exchanges.
The credit agreement between Gemini and Ripple allows Gemini to borrow up to $75 million from Ripple, with the cap potentially being increased. This move is seen as a strategic one, as it provides Gemini with additional funds ahead of its IPO.
It's important to note that the U.S. Securities and Exchange Commission (SEC) mentioned Ripple's attempt to pay $1 million for listing the XRP token on Gemini in its complaint against Ripple. However, the SEC's allegations against Ripple are still ongoing, and it remains to be seen how this will impact the future of the XRP-Gemini partnership.
Despite the past hostilities, the recent moves by Gemini suggest a willingness to work more closely with the XRP community. Whether this will be enough to fully mend ties remains to be seen, but it's clear that the cryptocurrency world is watching this development closely.
In a recent tweet, Tyler Winklevoss urged XRP community members to sign up for a Gemini card, a move that backfired in March due to past hostility. With the announcement of the XRP-related rewards program, it seems that Gemini is making a concerted effort to win back the trust of the XRP community.
As the details of the rewards program and the credit agreement are revealed, it will be interesting to see how the XRP community reacts and whether this move will help Gemini to regain its lost ground in the altcoin market.
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