US Exchanges Don't Want to List Ripple, Bloomberg Says

XRP is controlled by one company means, this means that cryptocurrency has at least one sign of a security, so the exchanges can have issues with it
05 April 2018   664

Ripple has one serious problem: the two largest US exchanges refused to list XRP. This is reported by Bloomberg.

Sources, familiar with the situation said that last year Ripple offered Gemini and Coinbase big money for the listing, but they were adamant. The thing is that US regulators are pursuing a policy aimed at preventing the distribution of securities under the guise of cryptocurrencies and digital tokens. The fact that XRP is controlled by one company means that this cryptocurrency has at least one sign of a security, therefore, listing it can lead to serious problems for the exchange.

Last year, the head of Ripple appealed to Gemini with a proposal to conduct a listing of XRP for $ 1 million in Fiat. This was followed by several other proposals with differing conditions, the source said.

During preliminary talks with Coinbase last fall, Ripple suggested to borrow to the exchange over $ 100 million in its own crypto currency, with the prospect of extracting a major benefit from the subsequent growth of the exchange rate.

Both exchanges were forced to refuse Ripple, the source explained.

A spokeswoman for Ripple stated that not all the information provided by the sources corresponded to reality, but refused to say what they had made a mistake.

Among other things, if XRP will still be recognized as a security, exchanges can begin delisting process of the coin.

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   440

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.