Canada’s CoinField Crypto Exchange Considers Adding Ripple’s XRP Token as Base Currency
CoinField Exchange to introduce XRP as base currency
- RippleNET, a platform created by Ripple Inc., is a blockchain based transaction system aiming to cut the transaction times from days to seconds.
- Ripple (XRP) possibility to gain listing as a base currency on Canada’s largest cryptocurrency exchange, CoinField Exchange.
The current payment systems used by banks and other institutions are a step back in the overall speeds expected by most of the users in the internet age. The transaction system has been in business for the better part of the last half century hence the current lags and exorbitant fees charges by the institutions. Current wire transfers and international payments can take days to settle with little visibility or certainty as to their ultimate success. The slow nature of the transactions is further coupled with expensive fees (around $20 USD – $35 USD fee charged per transaction).
As people have become more accustomed to the fast movement of information through the web, they expect all their deals to be just as fast, especially financial transactions. For example, M-Pesa, a service in Kenya, the largest mobile payment system in the world, operates at instantaneous speeds at low costs offering a more financial inclusive environment in the country.
RippleNET, an Internet of Value (IoV) platform that aims at creating a modern payments experience system operating on standardized rules and processes for real time settlement, more affordable costs, and end-to-end transaction visibility. Basically, a super-fast financial service on the blockchain with almost costless fees. A super-fast M-PESA in likeness.
Ripple explains the RippleNET
The Ripple team released a blog release last week on Friday explaining the RippleNET and the benefits it offers the users and global financial transactions. Aiming to out-compete the FinTech firms, the RippleNET team will bring together an ecosystem of financial institutions to push the concept of IoV technology to ease global financial transactions.
“This network is generally made up of banks and payment providers that source liquidity and process payments, as well as corporates and FinTechs that use RippleNet to send payments.”
RippleNET’s Internet of Value
As explained above, RippleNET will integrate its system in an ecosystem of global financial service players to offer the users with a point of access to ‘a standardized, decentralized infrastructure for consistency across all global connections’. The decentralize peer-to-peer system also boosts the surety of the transactions and settlements as atomic pass-fail processing ensures greater certainty in delivery, and its bi-directional messaging capability provides unprecedented end-to-end transaction visibility for fees, delivery time and status.
The RippleNET blog report concluded offering the banking systems to join their platform in an aim to reduce the overall cost of transaction cost and increase the speeds,
“With RippleNet, banks and payment providers can realize the promise of the Internet of Value, meeting customer expectations for a modern, seamless global payments experience while lowering costs and opening new lines of revenue.”
Ripple (XRP) to gain listing on CoinField Exchange
A tweet by the Canadian exchange, CoinField Exchange last week indicated the possibility of XRP being listed as a base currency on the exchange for 30 crypto pairs. The exchange will expand to over 69 countries across the globe while adding fiat pairs to its trading pair with XRP too.
(Image from @coinfieldEX)