Changpeng Zhao, the CEO of Binance, said that they want to add xRapid support in the future. Binance is the largest digital asset platform in the market in terms of trading volume according to CoinMarketCap. xRapid is one of the solutions provided by Ripple to improve transaction times and reduce costs. Mr. Zhao said this during a live stream on Periscope on February 6.
Binance CEO Says He Wants to Implement xRapid in the Future
Ripple is a company that works around the world helping companies and financial institutions process cross-border transactions faster and cheaper than other services. SWIFT is currently the company controlling this market. However, the services offered by it are very slow and expensive.
On the matter, Changpeng Zhao commented:
“We’re focused on launching more features right now [on Binance], so we are working with a number of partners. WIth xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them [Ripple] as a partner.”
Ripple has already partnered with many other exchanges all over the world. Some of these exchanges include Bittrex in the United States, Bitso in Mexico and Coins.ph in the Philippines. These exchanges provide the necessary liquidity for xRapid payments between these three countries. Companies purchase XRP with fiat currencies, send a transaction to another exchange, and they sell the XRP in exchange for fiat currencies once again.
This is very useful because it reduced costs and also transaction times. Additionally, it is possible to reduce the volatility associated with fiat currencies. Currently, banks and other financial institutions depend on nostro and vostro accounts and transactions take longer to be processed.
Changpeng Zhao commented that they are also planning to keep expanding in Africa. In 2018, the exchange launched a fiat exchange in Uganda. The CEO of the crypto platform explained that their goal is to reach new countries in the future. In order to do so, they work with each country one by one.
Binance added XRP as a quote currency in Christmas 2018. There are currently two markets based on the XRP digital currency. At the time of writing this article, XRP is the second largest cryptocurrency in the market after Bitcoin (BTC). Each coin can be purchased for $0.293 and it has a market capitalization of $12.09 billion. Binance registered a trading volume of $568 million in the last 24 hours.