It is not an everyday affair that we get to know how does the cryptocurrency reach in the top list of major exchanges in the market itself. But today we will be aware of the measurements taken by Ripple, the No. 3 digital coin in the market cap of the cryptocurrency, and how would it reach its heights to get XRP coin listed on the leading trading lists of the cryptocurrency among the top selling currency like Bitcoin and Ethereum.
According to a report by Bloomberg Ripple is facing some problem in getting the XRP in the top leading list. This startup controls the world’s third-largest cryptocurrency also the banks have signed onto its network and have promised to help them to bring equity stakes in the business itself. The reports also stated that Ripple has offered “financial incentives” to the bitcoin exchanges to Gemini of Winklevoss and it will be a twin affair as the Coinebase will also be on the list of exchanges in the market. And there will be standard procedure for payment of these equities on the list in the market but there are not to be unnecessarily loosened but the unregulated cryptocurrency market so far.
But reportedly it is said that Ripple had offered to pay $1 million cash money to Gemini for getting into the list of Q3 2017 and also had proposed to grant a loan of $100 million in XRP to Coinebase which would help the investor in trading for the exchange. Its suggested through the report that Ripple after granting the payment would have accepted it back in the form of fiat money or XRP. The profit acquired from the deal has to be given to a US- based exchange.
A spokesman from the company has openly denied some of the details which are given out and which are said to be unclear. He spoke in an interview to Bloomberg: “ We want the XRP to be the most liquid digital asset possible to enable faster, cheaper global payment.”
But the market participants had been worrying lately as for the US policy makers as to what would be their regulatory framework be regarding the concept of cryptocurrencies, XRP and also would they be falling under the securities camps of the country. But for now the greater the speculation of the XRP at the exchanges the greater are the possibilities that the price of the coin will be benefited, as for an instance at the year-end of 2017 and last month of the year.
Gray Area
XRP is required but the merchants in the cryptocurrency market, there is also large demand on forums and in social media. But Ripple have not been able to secure themselves in the major exchange lists in US trading platforms till now. But despite the fact that San Francisco-based Ripple had been on that had started the blockchain and was able to create a bridge between the cryptocurrency companies and traditional banks all around the world.
According to a research by
Autonomous Next LLP, cryptocurrency exchanges have been raking in million dollars from ICO operators and have been trying to secure a spot for themselves for their tokens on high volume platforms so far. The cost of an issuer varies from $1 million to $3 million as per the listing, with the higher end of the spectrum in order to provide access to higher liquidity. In one of the Bloomberg stories it was cited by an attorney that what Ripple had proposed to Coinebase and Gemini it very well good in the eyes of the law meaning that it is legal.
But the Gray Portion in the graph comes to being whether XRP get characterized as a security token or not, but in the other case it will be muddies the water. And for an instance, if the regulators decide that XRP is an unregulated security token then they have to label some ICO tokens for the later purpose, which will also lead to cause some problems both for the Ripple and the exchanges that support it.