In a strategic move to tap into the growing XRP community and bolster its user base, US-based cryptocurrency exchange Gemini has unveiled an XRP-specific giveaway campaign shortly after listing XRP for trading on its platform. The campaign, dubbed ‘XRP Faucet,’ aims to distribute a total of 4,000 XRP daily for six days.
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
Gemini to do XRP giveaway
Gemini, known for its commitment to regulatory compliance and user security, has taken a novel approach by allowing its verified users to participate in the XRP giveaway without requiring any financial commitment or the connection of crypto wallets. This approach starkly contrasts with common scam giveaways that often exploit users’ wallets and funds.
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The promotion kicks off with the opening of the faucet at 3:00 PM Eastern Standard Time (ET), wherein verified Gemini users can claim 20 XRP from the daily bounty. However, this opportunity is limited to once per day per verified user over a week.
Participation in the giveaway is straightforward, requiring only the email address associated with a verified Gemini account. The offer is exclusively available to US residents aged 18 and above, encompassing all states and the District of Columbia. However, Gemini has prohibited its affiliates, including employees, representatives, agents, and subsidiaries, from participating in the campaign.
It is important to note that Gemini maintains the discretion to modify the rules or withdraw the bounty without prior public announcement. The campaign operates on a first-come, first-served basis, adding a sense of urgency for interested participants.
XRP faucet campaign
The announcement of the XRP Faucet campaign has ignited substantial interest and engagement within the XRP and broader crypto communities. Questions have arisen regarding Gemini’s motives for suddenly embracing the XRP Army and launching a giveaway in their favour.
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Prominent figures within the XRP community have offered insights into Gemini’s motivations. A pseudonymous XRP Knight speculated that the exchange seeks to align itself with the burgeoning financial revolution led by XRP. The rapid surge in XRP’s price, which briefly reached $50 on Gemini, has also prompted inquiries about the exchange’s intentions behind the giveaway.
Jaxon Mohr, a member of the XRP community, questioned the rationale behind Gemini’s giveaway following the reported liquidity issues on the platform that contributed to the significant price spike of XRP.
Gemini’s foray into the XRP space through the XRP Faucet campaign demonstrates a calculated effort to attract and engage the XRP community, positioning itself as a player in the evolving landscape of digital finance.