Gemini, a prominent cryptocurrency exchange, has unveiled its XRP Faucet, a promotional event that promises to distribute 4,000 XRP every day at 3 pm EST. This initiative, which commenced on August 11, 2023, is set to run for a week, concluding on August 18, 2023.

The XRP Faucet is designed to be an enticing offer for crypto enthusiasts, but it comes with a set of conditions. Here’s a breakdown of the key terms:

  1. Eligibility: The offer is open to legal residents of the fifty United States and the District of Columbia who are at least 18 years old and have reached the age of majority in their respective states. However, individuals affiliated with Gemini, including employees, officers, directors, and agents, are excluded from participating.
  2. Account Verification: To participate, one must have a verified Gemini account. This ensures that the exchange can maintain the integrity of the promotion and prevent potential fraudulent activities.
  3. Limited Availability: The offer is limited to one claim per verified customer each day. Given the potential demand, the XRP rewards are distributed on a first-come, first-serve basis.
  4. Non-transferable: The XRP received from this faucet cannot be auctioned, traded, transferred, or sold. It’s meant for the recipient and cannot be used in any other promotional manner.
  5. Tax Implications: Participants are responsible for any tax obligations arising from the XRP they receive. Gemini has clarified that it won’t shoulder any tax-related costs tied to this promotion.
  6. Right to Modify: Gemini retains the right to modify or cancel the offer at any given time. This flexibility allows the exchange to adapt to unforeseen circumstances or issues that might arise during the promotion.
  7. Geographical Restrictions: The offer is void in locations where it’s restricted or prohibited by law.
  8. Integrity Measures: Gemini has put in place measures to ensure the promotion’s fairness. For instance, new customers or applicants can be disqualified if they fail to complete Gemini’s onboarding process, use shared devices or VPNs, or are suspected of any fraudulent activities.

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.