Looks like XRP is becoming a favorite of cryptocurrencies exchanges, as over past few months a few of the crypto exchanges have considered adding XRP as a base currency. The recent addition to this list is, CoinField, Canada’s most advanced Bitcoin and cryptocurrency exchange, which announced that it is exploring the possibility of making XRP as its base currency.
CoinField’s addition of XRP would be a win-win situation for both
According to the Tweet put up by CoinField, the exchange said that it was evaluating the possibility of adding XRP as the base currency for 30 direct crypto pairs along with USD, CAD, EUR, GBP, JPY & AED. It also mentioned that this was a part of the exchange’s expansion plans which also included launching the platform to 69 other countries.
We’ve been evaluating the possibility of adding #XRP as base currency for 30 direct crypto pairs along with USD, CAD, EUR, GBP, JPY & AED. Part of our expansion plan in 69 countries.@Ripple @Ripple_XRP1 @xrp_news @XRPtheone @XRPstreetTEAM @KingRippleXRP @XrpCenter @tsuki_ryokou pic.twitter.com/BYHlT4Gsag
— CoinField Exchange (@coinfieldEX) September 21, 2018
If evaluation goes through positively and if XRP is added by CoinField, it would benefit both parties equally. XRP would be exposed to over 69 countries’ market and millions of CoinField user, setting it up for mass adoption. CoinField, on the other hand, would get faster transaction processing, reduce transactional fees and would bring new users to the exchange.
CoinField, which is Canada’s most advanced Bitcoin and cryptocurrency exchange is continuing its rapid expansion. Its recent announcements provide a glimpse of the development the exchange is undertaking to take its platform global. These announcements include addition of 8 new coins which include Zcash (ZEC), 0x (ZRX), Golem (GNT), OmiseGO (OMG), Zilliqa (ZIL), Augur (REP), Basic Attention Token (BAT) and Salt (SALT), acceptance of 4 new fiat currencies, across-the-board fee reductions, and a revolutionary step forward in its matching engine technology with capability of more than 1.5 million API calls per second.
CoinField CTO Reza Bashash was quoted saying
“ Our matching engine is now powered by an enterprise-level technology capable of up to 75,000 trading transactions per second and more than 1.5 million API calls per second. We have been extremely focusing on R&D as our vision is to become the most advanced independent cryptocurrency exchange globally”
The way CoinField is transforming it seems to be an ideal partner for XRP to test its exchange capabilities as well.
XRP capabilities are slowly making it exchanges favorite
RippleNet’s and XRP’s capabilities, to make transactions faster and cheaper has led to its popularity among banks and other financial institutions. This is something that has yet to be explored by some of the leading crypto exchange but it seems to have already got the much-needed start.
The first exchange that chose Ripple’ XRP as its base currency was DCEX. DCEX offers 15 digital tokens for trading with XRP as the base pair. The digital tokens include Litecoin (LTC), Bitcoin (BTC), Tron (TRX), Bitcoin Cash (BCH), and Ethereum (EOS) among other digital currencies.
Bitrue, a Taiwan based crypto exchange, had also announced their intention to list XRP, as a base coinage on its network.
Thanks to the support from #XRPCommunity. Bitrue proudly presents you #XRP-based trading market with 10 trading pairs today! Stay tuned for XRP reward program in the coming days. #xrpthesandard #xrpthebase pic.twitter.com/VgXVh3x2Ig
— Bitrue (@BitrueOfficial) July 30, 2018
Bitrue has had long-ambitions of becoming the most spontaneous and secure option for crypto-investors globally and hence it chose XRP as its base currency.
With XRP as the base currency, exchanges can typically settle transactions under 4 seconds, which provides a huge speed advantage for exchanges over other money movement options and for XRP it helps in mass adoption. A clear win-win for both parties
Will we see more exchanges using XRP as their base currency and take advantage of the speed it provides? Do let us know your views on the same.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.