Gemini Crypto Exchange Relists XRP Token for Trading After Three Years

Gemini Crypto Exchange Relists XRP Token for Trading After Three Years

Crypto News – After a three-year hiatus, the cryptocurrency exchange Gemini has reintroduced the XRP token for trading as of Thursday. Trading is now active for various pairs, including the US Dollar (USD), British Pound (GBP), and Euro (EUR). Gemini’s announcement included its support for the XRP Ledger blockchain, with the Gemini API/FIX and ActiveTrader applications facilitating XRP/USD trading pairs.

However, the return of XRP to the market didn’t significantly impact its price, as the initial excitement around its relisting had subsided in July 2023, following the resumption of trading on other US-based platforms like Coinbase and Kraken.

As reported by CoinGape on Thursday, the token was made available for deposits on the Gemini platform. The Gemini team issued a statement regarding the relisting, outlining that the Gemini mobile app and website now provide support for XRP trading across pairs such as USD, GBP, EUR, CAD, SGD, HKD, and AUD. While users can store the tokens in the Gemini exchange wallet, they are not yet accessible in Gemini Custody.

Gemini’s inclusion of support for the XRP Ledger enhances its standing as a platform compatible with 14 different blockchain networks, encompassing well-known names like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC). The XRP Ledger, driven by a network of nodes operated by Ripple, is underpinned by the native XRP token. Ripple, leveraging the capabilities of XRP, has developed an array of products within its cryptocurrency solutions portfolio.

These products are designed to streamline cross-border transactions and remittances, thereby reducing associated costs and processing times. The XRP token operates as a bridge currency, facilitating the settlement of transactions involving multiple fiat currencies for financial institutions.

The relisting of XRP by US-based exchanges marks the commencement of a fresh chapter in Ripple’s partnerships within the United States. In light of the significant Summary Judgment outcome in the Ripple Vs. SEC lawsuit, the company’s representatives recently disclosed their renewed exploration of opportunities. This pivotal judgment has provided relief to Ripple, particularly in terms of the retail sale of its tokens.

About Gemini

Gemini Exchange is a cryptocurrency trading platform founded by Cameron and Tyler Winklevoss, also known as the Winklevoss twins. It was launched in 2015 with a focus on providing a secure and regulated environment for buying, selling, and trading various cryptocurrencies.

Gemini is known for its emphasis on regulatory compliance and security measures. It has obtained various licenses and approvals to operate as a cryptocurrency exchange, making it one of the more reputable and regulated exchanges in the industry. The exchange is based in New York and adheres to the regulatory framework set by the New York State Department of Financial Services (NYDFS).

Key features and aspects of Gemini Exchange include:

1. Security: Gemini places a strong emphasis on security practices, such as cold storage for the majority of user funds, multi-signature wallets, and regular security audits. This approach aims to protect user assets from hacks and breaches.
2. Regulation: Gemini is regulated as a trust company by the NYDFS, which means it has to adhere to strict regulatory standards, including anti-money laundering (AML) and know-your-customer (KYC) procedures.
3. User-Friendly Interface: The exchange is designed to be user-friendly, catering to both newcomers to the cryptocurrency space and experienced traders.
4. Currency Pairs: Gemini offers trading pairs for a variety of cryptocurrencies, including popular ones like Bitcoin (BTC) and Ethereum (ETH), as well as other digital assets.
5. Gemini Dollar (GUSD): Gemini introduced its own stablecoin, called the Gemini Dollar (GUSD), which is pegged to the US Dollar. This stablecoin provides a way for users to have exposure to the stability of traditional fiat currencies while using a cryptocurrency.
6. Mobile App: Gemini offers a mobile app that allows users to trade cryptocurrencies on the go and manage their accounts from their mobile devices.
7. Institutional Services: In addition to its retail trading platform, Gemini provides services tailored to institutional investors and traders.
8. Gemini Custody: Gemini offers custody services for digital assets, aimed at institutional clients who need secure storage solutions.

Gemini Exchange’s commitment to regulatory compliance and security has positioned it as a reputable platform within the cryptocurrency ecosystem. It has sought to bridge the gap between traditional finance and the emerging world of cryptocurrencies by offering a platform that meets regulatory standards while still providing access to innovative digital assets.