Also offered Coinbase a loan of $100 million worth of XRP
Executives at Ripple have been desperately trying to get a listing at a US exchange, according to a new report from Bloomberg.
They offered $1 million cash to Gemini and a loan of $100 million XRP to Coinbase with the option to pay it back in dollars or XRP later. They would have likely made a huge profit by repaying in dollars because the price of the XRP would have likely risen because of the listing.
Exchanges, however, declined the proposals and it was likely because regulators have warned them that XRP would likely be considered a security because it’s controlled by one company.
Yesterday, Bloomberg reported that exchanges had been paid anywhere from $1-$3m for listing a cryptocurrency.
What’s interesting here is the loan provision. If that kind of thing is a common practice at exchanges it could be heavily skewing the markets for smaller cryptos if/when it’s redeemed.
Ripple is down 9% today and just above the lows of the year.