Gemini Confirms Adding XRP to Free Trading Algorithms to Generate Passive Returns
Gemini has officially confirmed adding XRP to its selection of free trading algorithms, to provide users a new way to generate passive returns. This announcement expands the options for automated crypto trading, which runs alongside Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). According to Gemini, these algorithms present users with the opportunity to earn cash yields and accumulate more XRP with minimal effort.https://twitter.com/Gemini/status/1912861755060912382Partnership with Arch Public Notably, the new trading algorithms are powered by Arch Public, a crypto firm specializing in algorithmic automation. These tools are designed to make it easier for users to invest in crypto assets without needing to manage their portfolios actively. It is important to note that Tyler Winklevoss, Geminis co-founder, also shared confirmation of the algorithms launch, which received significant backlash. His announcement came shortly after John E. Deaton, a prominent attorney known for his involvement in the XRP community, revealed that he had opened a Gemini account to take advantage of the new tools. Deatons involvement triggered suspicions. Known for his strong presence in the XRP community, Deaton confirmed that he was experimenting with the new algorithms. However, despite his endorsement, some community members remained critical, claiming his account might have suffered an exploit.Controversy and Backlash from the XRP CommunityNotably, the initiative builds on multiple campaigns from Gemini around XRP since it listed the asset for the first time in August 2023. While some welcomed the addition of XRP to the free algorithm lineup, the response from the XRP community was far from unanimous. Several long-standing XRP holders had expressed doubts about the effectiveness of the new tools. Some criticized the algorithms as inaccurate, claiming that the tools might not live up to their promises of generating reliable cash yields.This skepticism was further amplified by reactions to Tyler Winklevosss announcement. Some community members questioned the authenticity of the post, even suggesting that Winklevoss's account could have been hacked. As the news spread, Cameron Winklevoss, Tylers twin brother and fellow Gemini co-founder, also expressed his enthusiasm for the launch. However, his excitement was met with similar criticism, with some doubting the legitimacy of the initiative.
Text source: The Crypto Basic
