Mercatox Exchange Opens Suspicious Looking XRP Clone ‘XRP Classic’ (XRPC) Trading Pairs
It is quite common in the crypto world for existing projects to face competition from imitators, especially if they have been successful.
A good example is BTC, which has numerous clones of it in the market. It seems that this trend has caught up with XRP, where the XRP Classic recently started trading on Mercatox. However, the community does not appear happy about this development.
Caution Being Advised
While the name suggests that it might be an offshoot of XRP, it has yet to be seen whether XRP Classic will be a spinoff of XRP, which everyone knows quite well. It is worth noting that XRP Classic is using the XRP logo.
Despite this, neither XRP nor XRP developers have endorsed the project. This has thus raised a lot of suspicions.
The Details Thus Far
According to the site for this project, XRP Classic wants to be an industrial solution that has a major focus on decentralization. The sentence goes on to mention a few buzz words in the crypto world. However, it does not give an exact explanation of why the project chose to ride on the success of the XRP project. This is mainly because it targets a seemingly different market from what the XRP project targets.
Based on the online information available, the XRP Classic project wants to create an auto-trading ecosystem. This system will be compatible with major crypto exchanges and all forex brokers.
The system will have an incentive mechanism that encourages users to take part in the auto trading system. Users get quality trading signals with this project. However, many people are quite wary of all the promises being made by the project.
Another promise being made is that XRP Classic intends to offer access to smart contracts. This is not something that is usually associated with a digital asset. It might be another trick being used to entice users to invest in something with XRP in its name.
The online details also mention that the digital asset is offered on various exchanges. However, thus far, only Mercatox has been confirmed to offer the coin. This might be a move that backfires on the exchange in future.
The Obvious Scam
One telltale sign that XRP Classic is a scam is the list of partners. The links posted on the site are dead ends. This confirms that the project does not really have any real partners. However, it is not abnormal for new projects.
However, why anyone would collaborate with this project is not known. For most, they would be wise to avoid the project completely.
Thus far, no one knows who is behind this project. There is no official team on the project’s site. The domain name information is also not clear. However, the domain name is registered via Namecheap, which was itself created in October 2018. The phone number appears to be registered in Bangladesh.
Due to this, the project even looks shadier. It is safe to say that anyone who invests in the project should be prepared to lose his or her money.