TLDR
- Gemini hints at an XRP rewards program after officially listing the token in 2023.
- The exchange secured a $75 million credit line with Ripple ahead of its IPO.
- Past disputes over XRP listing continue to shape community sentiment toward Gemini.
- Gemini used a letter-cap riddle to tease its upcoming XRP-focused initiative.
Cryptocurrency exchange Gemini has signaled the launch of a new XRP-centered rewards program. The exchange hinted at the initiative through a public riddle that featured the Ripple-linked token. The teaser attracted attention from the cryptocurrency community, reflecting continued interest in XRP-related projects.
The news comes after Gemini officially listed XRP in August 2023. The listing followed years of hesitation and regulatory disputes, which had previously prevented the exchange from supporting the token. XRP holders have observed Gemini’s developments cautiously due to prior conflicts with the token’s community.
Gemini Past XRP Listing Conflicts
Gemini’s relationship with XRP has been complex. The exchange initially declined to list XRP, a decision that frustrated many in the cryptocurrency community. Reports indicated that Ripple had offered $1 million to list XRP, but Gemini refused the offer at the time.
Tyler Winklevoss, Gemini’s co-founder, also experienced friction with XRP supporters after the exchange listed other tokens, such as Chainlink.
This history has left some community members cautious about fully embracing Gemini’s initiatives. The upcoming rewards program may serve to improve engagement with XRP users.
Credit Line with Ripple
Gemini recently secured a credit line agreement with Ripple, ahead of its initial public offering. The deal allows the exchange to borrow up to $75 million, with the potential for future increases.
This partnership represents a closer financial connection between the exchange and Ripple, which may support the new XRP-focused offerings.
The credit line is intended to provide Gemini with additional liquidity and financial flexibility. Analysts suggest that the agreement could strengthen the exchange’s ability to develop XRP-related products and incentives for token holders.
Community Response and Future Initiatives
Although Gemini has made steps to integrate XRP into its platform, some members of the cryptocurrency community remain cautious. In March, an attempt by Winklevoss to encourage XRP holders to use a Gemini card drew criticism, recalling previous conflicts over token listing decisions.
Gemini’s teaser for the XRP rewards program indicates the exchange’s ongoing efforts to engage the community. The company has not yet provided full details about the rewards structure or launch timeline. However, the initiative is expected to combine XRP token usage with customer incentives, potentially enhancing participation in the platform’s services.
