Gemini Giving Away Free XRP! Details Enclosed• August 12, 2023 1:43 pm • Comments
The Gemini exchange has officially announced an XRP faucet!
A ‘faucet’ is a way of distributing free cryptocurrency to boost adoption or achieve some promotional objective and serves as an alternative model to the traditional airdrop.
Users must have a verified Gemini account, as well as fulfill and adhere to certain criteria which we will list below.
ProCoin News recently reported that Gemini listed XRP for the first time. Here’s more on the promotion and how you can qualify:
We’re giving away 4,000 XRP! Every day at 3pm EST.
Introducing: The XRP Faucet 💧 pic.twitter.com/QktHB1hTKg
— Gemini (@Gemini) August 11, 2023
Tyler Winklevoss, co-founder of the Gemini exchange, recently posted this statement to the X social media platform:
“XRP is now available on Gemini. It’s important to note how we got here. Instead of creating clear rules for crypto, the SEC has resorted to suing everyone. It lost its case against Ripple and a judge provided clarity when Gary Gensler wouldn’t. America deserves better.”
$XRP is now available on @Gemini. It's important to note how we got here. Instead of creating clear rules for crypto, the @SECGov has resorted to suing everyone. It lost its case against Ripple and a judge provided clarity when @GaryGensler wouldn't. America deserves better. https://t.co/7adpGwAyLb
— Tyler Winklevoss (@tyler) August 11, 2023
Gemini laid out the terms and conditions of the offer:
– This is a limited time Offer. The Offer will begin 08/11/2023 3:00pm ET and end 08/18/2023 11:59pm ET.
– The XRP Faucet is open only to legal residents of any of the fifty (50) United States and the District of Columbia who are at least eighteen (18) years of age and the age of majority in their state of residence on the date of entry. Employees, officers, directors, members, managers, agents, and representatives of Gemini, or their parent companies, divisions, subsidiaries, and affiliates (collectively, the “XRP Faucet”) are not eligible.
– Gemini reserves the right to modify or cancel the Offer at any time.
– You must have a verified Gemini account.
– Offer is limited to one per verified customer per day.
– Offer is available on a first come first serve basis while supplies last.
– Offer is not transferable and may not be auctioned, traded, copied, transferred, bartered, modified or sold.
– Offer cannot be applied retroactively.
– Gemini is not a retailer or seller.
– Terms and Conditions are subject to change by Gemini at any time without notice.
– Void where restricted or prohibited by law.
– Gemini, in its sole discretion, determines the timing and the start and end of the Offer and any associated promotions.
– You are responsible for paying any applicable tax related to the use of an Offer. Gemini has no obligation for payment of any tax in conjunction with the distribution or use of any Offer.
– Gemini is not responsible for any errors or omissions made by you in connection with the Offer.
– For Offers available to new customers or customer applicants, customers or customer applicants will be disqualified and will not be entitled to receive the Offer if Gemini determines, in its sole discretion, that the customer or customer applicant: fails to complete Gemini’s new customer onboarding process; uses a VPN, shared device, and/or shared identification credentials; resides in a jurisdiction where this Offer is not available; or is otherwise suspected of fraudulent or disqualifying activity.
In a related report, CoinDesk, and scores of crypto investors, pointed out a ‘glitch’ that occurred on the Gemini platform on Friday:
“XRP to the moon? Well … yes, but only for a few minutes. The token surged to $50 on Gemini on Friday, due to low liquidity, before quickly coming back down to regular market price.”
$XRP to the moon?
Well … yes, but only for a few minutes.
The token surged to $50 on Gemini on Friday, due to low liquidity, before quickly coming back down to regular market price. https://t.co/DuOI1xiyTq
— CoinDesk (@CoinDesk) August 12, 2023
Just to be clear, #XRP did not "glitch" to $50 on Gemini. There was no liquidity (still is very little) and someone bought an entire 0.60 of XRP for $50 per coin. It is back to fair market value of $0.63.
Congrats to whoever got to sell that 0.60 XRP at $50!! pic.twitter.com/9bebTNztqC
— 𝕾𝖈𝖆𝖒𝖘 𝖆𝖗𝖊 𝖇𝖆𝖉 (aka. ScamDaddy𝕏) (@ScamDetective5) August 11, 2023
Crypto Globe considered the motivation behind the Gemini XRP faucet:
This move by Gemini to launch an XRP Faucet is seen as a strategic effort to engage its user base and attract new customers.
With the crypto market’s dynamic nature, such promotions can play a pivotal role in bolstering an exchange’s position and fostering user loyalty.
It comes just one day after Gemini listed XRP.
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