It’s not every day we get a glimpse into what it takes for a cryptocurrency to get a listing on a major exchange. But today we learn the lengths that Ripple, the No. 3 digital coin by market cap, would go to get its XRP coin listed on the leading trading platforms alongside bitcoin and Ethereum.
According to a report in Bloomberg, the cross-border payments startup is willing to pay millions to get XRP listed on the US trading platforms where there’s the most liquidity. The report says that Ripple offered “financial incentives” to bitcoin exchanges Gemini of Winklevoss twins fame as well as Coinbase in exchange for a listing. It’s standard procedure to pay for a listing in the equities markets, but not necessarily the loosely unregulated cryptocurrency markets.
Ripple reportedly offered $1 million cash money to Gemini for a Q3 2017 listing and proposed a loan of $100 million in XRP to Coinbase with which investors could trade on the exchange. The report suggests that Ripple would have taken repayment either in fiat money or XRP, which would have given the US-based exchange an opportunity to profit from the deal.