Ripple is facing accusations of listing its digital asset, XRP, on Coinbase Pro after paying then latter. However, Miguel Vias, Ripple’s head of XRP markets took to his Twitter to say that Ripple did not pay Coinbase to list XRP. Vias said:
“We’re happy to go on the record. Coinbase’s listing of XRP (also, not “our token”) was Coinbase’s independent decision – we did not give them anything to make it happen.”
Vias’s tweet was in response to the screenshot of the mail and tweet shared by Alistair Milne with Coinbase’s director of communications.
There have been reports claiming that Ripple has tried to buy its way onto exchanges and a report from Bloomberg from August last year cited four anonymous sources “with direct knowledge of the matter” claiming that Ripple had tried to buy its way onto Coinbase and Gemini in the past.
The Report from Bloomberg read:
“[In 2017], a Ripple executive asked whether a $1 million cash payment could persuade Gemini to list XRP in the third quarter, according to people familiar with the matter. That followed other attempts by Ripple to get Gemini to add XRP, exploring strategies like paying out rebates and covering related costs, the people said.”
The report further added:
“During preliminary talks with Coinbase last fall, Ripple said it would be willing to lend the exchange more than $100 million worth of XRP to start letting users trade the asset, according to a person privy to that discussion. Ripple, without putting the proposal in writing, told Coinbase it could pay back the loan in XRP or dollars, the person said. If the exchange had chosen the latter, it could have profited had the tokens become more valuable upon being listed, the person said.”
There were rumors about Coinbase imminently listing XRP in 2017, however, this did not materialize. The official listing of XRP was made on February 25, 2019, but according to previous reports, the prices of XRP were up by as much as 6.30% before the announcement was made, hinting at the possibility of insider trading. The price of the coin went from $0.31 to $0.34 within hours.
The XRP community has been enraged over the allegations and are coming out in support of XRP and against Alistair Milne. A twitter user @britishgirlxrp said:
“Time to just accept that XRP is here to stay… then we can all go on with our lives without having to read anti Ripple or anti XRP tweets each and every day… bitcoiners have tried for so long to bring it down, but have not been successful… nor will they be successful..”
When a Twitter user claimed that Alistair’s allegation was not substantiated by proof, Alistair took the opportunity to say:
“If both companies go on the record that there has been no transference of value in Coinbase’s favour whatsoever (easy to do) I’ll retract and apologise. So far, both are being careful with their choice of words.”
However, there has been no official comment regarding the allegation from Ripple or Coinbase.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.