Binance CEO Drops the Hammer as Exchange Will ‘Definitely’ Partner with Ripple, XRP and xRapid
Changpeng Zhao, the CEO of Binance, the largest digital asset exchange in the market, seems to be very positive about the xRapid product developed by Ripple. Although the companies have not yet arranged any details, Binance seems to be focused on launching Binance Chain and its decentralized exchange (DEX).
During a conversation through Periscope, Zhao said that they want to launch more features in the near future and this is why they are working with a number of other partners. He explained that at the moment there’s nothing specific about the xRapid product, but in the future, they ‘definitely want to add them as a partner.’
Ripple is working all over the world to allow financial companies to process transactions faster and in an easier way than with the older systems such as SWIFT. At the moment, Ripple partnered with more than 200 companies all over the world to improve their services and products. About the xRapid product, there are few companies that have already started to work with it to boost liquidity on-demand.
There are some exchanges that have partnered with Ripple to offer solutions for the xRapid system. Bittrex, Bitso, Coins.ph and Bitstamp are already working with Ripple. Financial institutions will be able to convert their local currencies to XRP and send the digital assets to other countries where they can be converted back to fiat.
The intention is to reduce transaction times and costs. With xRapid, the whole process takes a few minutes from start to finish, allowing firms to easily send and receive transactions.
Binance has also added XRP as a quote currency on its platform against two other digital assets. Several individuals and investors were requesting the exchange to add support to XRP as a base currency. It is possible to process cheap and fast transactions between exchanges, allowing users to have better services.
According to reports from Ripple. The company is currently adding to its network two or three companies per week. In the future, the intention is to expand the reach of the xRapid product that the company is currently providing.
Ripple’s Cory Johnson mentioned that Ripple wants to compete against SWIFT rather than working with it. Binance could eventually implement xRapid and offer better services to users.