Gemini Exchange Opens Doors to XRP Deposits, Trading on the Horizon

Gemini, the New York-based crypto exchange, has unveiled its support for Ripple (XRP), enabling users to deposit the asset on their platform as a part of their mission to unlock financial, creative, and personal freedom.

While immediate trading is limited to deposits, the exchange plans to introduce XRP trading with dollars initially, followed by various other currencies like the pound sterling, euro, and Canadian dollars. With a market cap of $33.2 billion, XRP ranks as the fifth largest digital asset, created by Ripple Labs to facilitate efficient, low-fee money transfers for financial institutions. This move follows Gemini’s recent legal victory, where a federal judge ruled that programmatic XRP sales to retail investors didn’t qualify as securities.

Although the decision deemed some institutional sales as unregistered securities, it bolstered positive investor sentiment and led to a surge in XRP’s price. Notably, Ripple’s XRP Ledger is gaining traction for various real-world use cases, including Colombia’s land distribution efforts, while Ripple’s attorney anticipates American banks adopting its On-Demand Liquidity (ODL) product. In response to the judge’s decision, the U.S. Securities and Exchange Commission (SEC) announced plans to appeal the ruling, keeping the regulatory debate around XRP’s classification ongoing.

Clever Robot News Desk 14^th August 2023