Gemini Adds Support for Ripple (XRP)
Crypto exchange Gemini has announced that it now supports Ripple (XRP). While customers can currently only deposit the asset, trading will soon be available with various currencies including USD, GBP, EUR, and CAD. Ripple Labs, the company behind XRP, aims to facilitate fast and low-fee money transfers for financial institutions. Gemini’s decision comes after a recent legal victory in which a judge ruled that XRP sales to retail investors did not qualify as securities. However, the judge did state that institutional sales were considered unregistered securities. Despite this, the price of XRP surged. The SEC plans to appeal the judge’s decision.
Key Points:
- Gemini now supports Ripple (XRP) for deposits, with trading to follow.
- XRP is the fifth largest digital asset with a market cap of $33.2 billion.
- Ripple Labs aims to facilitate fast and low-fee money transfers for financial institutions.
- A judge ruled that XRP sales to retail investors did not qualify as securities, leading to a price increase.
- The SEC plans to appeal the judge’s decision.
Hot Take:
Gemini’s decision to add support for Ripple (XRP) demonstrates the increasing acceptance and adoption of cryptocurrencies in the financial industry. Despite ongoing legal battles, the ruling that XRP sales to retail investors are not securities has provided a boost to the asset’s price. This development highlights the potential for Ripple’s technology to revolutionize money transfers and gain traction among traditional financial institutions. However, the SEC’s plan to appeal the decision indicates that regulatory uncertainty surrounding cryptocurrencies persists.
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