Gemini has recently teased an XRP rewards program, signaling a shift in its relationship with the Ripple-linked token after years of animosity.
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Gemini previously refused to list XRP, causing community backlash.
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Following Ripple’s SEC victory, Gemini added XRP support in August 2023.
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Gemini secured a credit line with Ripple, allowing borrowing up to $75 million.
Discover how Gemini’s new XRP rewards program marks a significant change in its relationship with Ripple, encouraging community engagement.
What is Gemini’s XRP Rewards Program?
Gemini’s XRP rewards program is a new initiative aimed at incentivizing users to engage with the Ripple-linked token. This program comes after Gemini’s long-standing refusal to list XRP, highlighting a major shift in the exchange’s stance.
Why Did Gemini Refuse to List XRP?
Gemini’s refusal to list XRP stemmed from a contentious relationship with the Ripple community. Co-founder Tyler Winklevoss had public disputes with XRP supporters, especially after Gemini chose to list other tokens like Chainlink. This decision frustrated many within the XRP community.
Frequently Asked Questions
What led to Gemini’s change of heart regarding XRP?
Gemini’s change of heart followed Ripple’s legal victory against the SEC, which allowed the exchange to finally support XRP in August 2023.
How much credit has Gemini secured with Ripple?
Gemini has secured a credit agreement with Ripple that allows it to borrow up to $75 million, potentially increasing this cap in the future.
Key Takeaways
- Shift in Relationship: Gemini’s XRP rewards program signifies a newfound collaboration with Ripple.
- Community Response: Despite the program, some XRP holders remain skeptical due to past grievances.
- Financial Backing: The credit line with Ripple enhances Gemini’s financial stability ahead of its IPO.
Conclusion
Gemini’s XRP rewards program marks a pivotal moment in its relationship with Ripple, showcasing a commitment to community engagement. As the exchange navigates its future, the integration of XRP could lead to new opportunities for both Gemini and its users.
