Gemini Deepens XRP Integration in Singapore
Exchange enables direct deposits and withdrawals via XRP Ledger, building on prior product launches.
What happened
Gemini, a cryptocurrency exchange, has expanded its services in Singapore by enabling direct deposits and withdrawals of XRP via the XRP Ledger (XRPL). This development was announced by Gemini CEO Tyler Winklevoss on August 25, according to a report. The exchange already maintains a broad operational presence in Singapore, allowing local customers to fund accounts using Singapore dollars and trade or store over 70 different cryptocurrencies. This latest move builds on Gemini's increasing engagement with XRP.
In July, the exchange integrated XRP as cross-collateral for derivatives trading, placing it alongside assets like Bitcoin (BTC), Ether (ETH), Tether (USDT), and Gemini Dollar (GUSD). Furthermore, Gemini and Ripple previously launched an XRP-branded credit card, which offers users up to 4% back in XRP rewards on eligible purchases. Gemini reportedly cited the strong performance of these XRP rewards as a factor in its decision to expand offerings, noting that users who held their XRP rewards for at least a year saw a 453% increase in value. This shift in Gemini's stance on XRP comes after earlier periods where Winklevoss had expressed skepticism towards the asset. More recently, in December 2025, Gemini also enabled deposits and withdrawals of RLUSD, Ripple's dollar-backed stablecoin, over the XRPL, further cementing its integration with the Ripple ecosystem.
Why it matters
This development primarily affects Gemini users in Singapore, offering them enhanced utility and direct access to the XRP Ledger for their XRP holdings. Previously, users might have been limited to internal transfers or off-chain management of XRP on the platform. Direct XRPL integration means greater control and potentially lower fees for moving XRP in and out of the exchange, aligning with the blockchain's design for efficient value transfer. For the broader XRP ecosystem, this represents another major exchange deepening its integration, potentially increasing liquidity and transactional volume for XRP, particularly within the Asian market.
The part that matters here is that this is not merely a listing of a new token; it is an expansion of functionality for an existing asset, leveraging its native blockchain. This move could be interpreted as a vote of confidence in XRP's utility and regulatory clarity in Singapore, a jurisdiction known for its clear digital asset frameworks. The economic impact stems from potentially increased on-chain activity for XRP and improved accessibility for users, which can contribute to its overall market depth. It also signals a strategic alignment by Gemini with Ripple's ecosystem, as evidenced by the earlier integration of RLUSD and the XRP credit card. This is less about a speculative narrative and more about practical infrastructure development that could facilitate real economic use cases for XRP, particularly in cross-border payments if institutional adoption follows user uptake. The previous success of XRP reward programs, cited by Gemini, suggests a user base already engaged with the asset, which could translate into higher utilization of these new deposit and withdrawal rails.
If it goes well
If this development proceeds favorably, the primary outcome would be a measurable increase in XRP's on-chain activity and liquidity within Singapore and potentially the wider Asian market. Enhanced direct access via the XRPL could lead to more users moving XRP in and out of Gemini, reducing reliance on internal ledger entries and fostering greater transparency. For this to materialize, two things would have to be true: first, a sustained demand for XRP utility in Singapore, perhaps driven by its use in remittances or other payment corridors, and second, continued regulatory clarity for XRP in key jurisdictions. We would observe an uptick in XRPL transaction volumes originating from or destined for Gemini addresses, alongside potentially tighter bid-ask spreads for XRP on the exchange. This increased utility and liquidity could attract more institutional participants to leverage XRP for cross-border transactions, building on Ripple's existing partnerships in the region. The success of Gemini's XRP rewards program suggests a receptive user base, which could translate into higher engagement with these new direct XRPL functionalities.
If it goes badly
Conversely, if this initiative encounters difficulties, the impact could be limited, potentially leading to minimal uptake of the new XRPL deposit and withdrawal features. A key risk factor would be a lack of sufficient user demand for direct XRPL interaction, perhaps if users prefer to keep assets on the exchange for convenience or if the primary use cases for XRP in Singapore do not require frequent on-chain transfers. Regulatory shifts could also pose a challenge; any adverse changes to Singapore's digital asset framework or renewed legal uncertainties surrounding XRP's classification in other major markets could dampen enthusiasm. We would see low transaction volumes over the XRPL to and from Gemini, indicating that the enhanced functionality is not being widely utilized. This would suggest that the economic impact is more narrative than substantive, failing to translate into tangible increases in XRP's utility or liquidity. Furthermore, if the broader crypto market experiences significant downturns, or if competing payment solutions gain traction, the perceived value of XRP's enhanced accessibility on Gemini might diminish, hindering its adoption.
What we think
Our honest reading is that this move by Gemini represents a measured, strategic expansion rather than a sudden, market-altering event. The decision to enable direct XRPL deposits and withdrawals in Singapore builds on a series of prior integrations, including XRP as derivatives collateral and the XRP rewards credit card. This incremental approach suggests Gemini is responding to demonstrated user interest and a perceived market opportunity, rather than making an unhedged bet. The fact that Gemini cited the 'strong performance' of XRP rewards, with a reported 453% increase in value for long-term holders, provides some evidence of existing user engagement. This is not merely a speculative listing; it is an enhancement of utility for an asset that already has a user base on the platform. We find the 'goes well' case more convincing in the near to mid-term, primarily because the integration leverages existing infrastructure and a known user base in a regulated market. Singapore's clear regulatory environment for digital assets reduces some of the uncertainty that plagues other jurisdictions, which could foster greater institutional comfort with XRP. The direct XRPL integration aligns with the asset's intended use as a fast, low-cost transfer mechanism, potentially appealing to users and businesses involved in cross-border payments. However, we are unsure about the overall scale of impact. While beneficial for Gemini users in Singapore and the XRP ecosystem, it remains a regional development. For this to translate into a truly significant market impact, we would need to see similar deep integrations across other major exchanges and jurisdictions, coupled with broader institutional adoption of XRP for its utility functions. What would change our mind towards the 'goes badly' scenario would be a sustained period of low XRPL transaction volumes to and from Gemini, indicating a lack of user uptake, or a significant shift in regulatory sentiment towards XRP globally, particularly in markets like the United States. Without broader adoption beyond existing retail interest, the impact, while positive, may remain localized.
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Bottom line
This development reinforces Gemini's commitment to the XRP ecosystem, particularly in the Asian market. By enabling direct XRPL deposits and withdrawals, Gemini is not merely listing XRP but integrating its core functionality, potentially increasing on-chain activity and liquidity for the asset. The biggest risk to our reading is that user uptake remains low despite the enhanced features, indicating that the demand for direct XRPL interaction is not as strong as anticipated. The one thing to watch is the reported transaction volumes on the XRPL originating from or destined for Gemini Singapore addresses, as this will provide concrete evidence of whether the enhanced utility is translating into actual usage.
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Evidence & Sources
How we reached this analysis — traceable to verifiable data, not model guesswork.
- Primary source
- U.Today
- Published
- Aug 27, 2026
For information and analysis only — not financial advice. We are an analysis platform, not a broker, financial adviser, or seller of any asset, and we never tell you to buy or sell. Our scenario probabilities are editorial estimates developed through a combination of data analysis, automated research tools, source verification, and human editorial oversight. They may be incorrect and are not investment recommendations. Crypto is high-risk and you can lose everything — always conduct your own research before making financial decisions.
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