The biggest crypto exchange has all the plans to partner with Ripple in the future, according to Binance CEO. While, “there is a significant amount of movement from high street banks to be interested in the network,” according to Naveen Gupta of Ripple.
Into the Future: Binance-xRapid
The biggest cryptocurrency exchange by market cap of $573 million, Binance’s CEO, Changpeng Zhao recently in a live stream shared plans to partner with Ripple and leverage its XRP-powered solution xRapid.
Though there are no details revealed as Zhao says they are currently focused on its decentralized exchange, but in the near future, it’s “definitely” on the table.
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future we’ll definitely want to add them as a partner.”
Ripple is already in partnership with other crypto exchanges viz. Bitstamp and Bittrex among others. xRapid uses the digital asset XRP to offer on-demand liquidity that lowers cost and enable real-time payments.
xRapid is made to be a regulatory complaint about its international partners to move money around the world in a matter of seconds without having to keep fiat in bank accounts. Crypto exchange partners will further fuel its global adoption by allowing the financial institutions to move payments seamlessly between different currencies.
Offering a Unique Advantage
In late December, last year, Steven Diep, an XRP enthusiast had conducted a poll asking the XRP community if Binance will become the next xRapid partner. Out of 3,252 votes, 94 percent went with yes.
However, with Binance to become xRapid partner, it would need fiat pairs and Binance is only a crypto-to-crypto exchange. But with Binance.je and plans for further fiat support, as another XRP enthusiast, recently stated, “Bright future ahead no doubt!”
In another event, “Ripple offers a unique advantage. It saves international banks from having a direct banking relationship with a multitude of countries in frontier markets,” said Naveen Gupta, Managing Director, South Asia, and MENA at Ripple. “There is a significant amount of movement from high street banks to be interested in the network.”
In his recent interview, he had further shared,
“Every one of those 200 financial institutions, of which 50% are from Asia and the Middle East, are production ready and are in the process of going live. It took us two years to acquire the first 100 customers but it took only one year to acquire the next 100. Existing customers are using us more by leveraging our multiple corridors and the network effect is really starting to take off.”
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.