Cryptocurrency exchange Gemini intends to launch perpetual XRP contracts, confirming the social campaign it launched around the token in the second half of last year.
The exchange made the related announcement on its official X (Twitter) account.
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The launch of Gemini perpetual XRP contracts will allow its traders to use leverage. In addition, they will be able to hold their positions without an expiration date as long as they cover their margin.
Thus, traders can strengthen their positions and potentially increase both profits and losses by trading contracts on the Gemini Derivatives platform, The Crypto Basic reported.
t's worth noting that the Gemini Derivatives platform is not available to residents of the United States, the United Kingdom, and the European Union.
In August, the New York-based cryptocurrency exchange introduced spot trading of XRP in 2023 after the token was officially listed on its platform. The initiative was made possible after XRP gained legal clarity.
While the launch of perpetual contracts is an important event for Gemini users, many members of the crypto community suggested that expectations from the social campaign launched by the exchange were much higher.
As a result, the XRP community has split into two camps: those who expressed disappointment and those who see the event as a milestone in the development of the Ripple ecosystem.
Zach Rector, a well-known figure in the cryptocurrency world, commented on Gemini's recent post, stating that the exchanges are only interested in the XRP community and its business.
Earlier, cryptocurrency exchange Bitstamp also made a splash around XRP, but only announced an XRP loan program with 2% APR, also causing some disappointment in the crypto community.
Read also: Bitcoin-based stablecoin to launch in 2024
