Ripple’s ODL Helps Bitrue Exchange Expand Is User-base Due to Use In Cross Border Payments
Bitrue, a crypto exchange based in Singapore, is gradually gaining market share from the XRP community. The exchange's approach to have XRP as its base cryptocurrency seems to pay off given the value proposition in financial services by this token. Curis Wang, the CEO of Bitrue, also said that their design is indeed unique which sets them apart from peer competitors.
“our connection to XRP’s highly-engaged community differentiates us from the thousands of other exchanges out there.”
A post by Ripple on May 13 has since highlighted this success and its potential in scaling up for future solutions. Wang specifically noted that XRP presents an opportunity to grow Bitrue's crypto exchange platform as the industry moves towards scalable and practical initiatives,
“XRP’s role in solving problems with cross-border payments is a perfect use case that will drive growth, which is why Bitrue decided to make it the central asset of our exchange.”
Though currently a good strategy, Wang initially faced a hard time in convincing the Bitrue team to settle on XRP. This is because it defies the norm, whereby BTC is the base asset in most crypto exchanges which made it harder to persuade clients as well. He has, however, been able to change the narrative based on the idea of on-demand liquidity in cross-border payments.
In addition, Bitrue's interaction with Ripple's community has helped them gain new insights and support. The exchange now enjoys a wide XRP user base with over 77 pairs as of the end of 2019. Notably, its services were also expanded recently to feature crypto loans on assets like BTC and Tether by staking XRP as collateral.
Wang is optimistic that Bitrue will continue to grow as on-demand liquidity surges within international payment networks,
“As more people turn to on-demand liquidity for faster, cheaper global payments, Bitrue will grow alongside the increasing use of XRP”
Here is the full video of the interview: