A few hours ago, the CEO of Binance, Changpeng Zhao, was on his first livestream via Periscope. In the 45 minutes or so of CZ being live, he answered numerous questions about the future of Binance, Binance Coin (BNB), Binance Chain, the New Decentralized exchange and more. The link to the livestream can be found below.
Plans to Partner with Ripple to Power xRapid Payments
During the livestream session, CZ was asked whether Binance was in the process of becoming a Ripple partner to power xRapid payments. His response was as follows.
We’re focused on launching more features right now [on Binance], so we are working with a number of other 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.
At the moment of writing this, Ripple has already partnered with the crypto exchanges of Bittrex (USA), Bitso (Mexico) and Coins.ph (Philippines) to provide the necessary liquidity for xRapid payments between the three countries. These exchanges provide an avenue for the conversion of fiat to XRP on xRapid (and vis versa), thus making cross border transactions more efficient in terms of cost and speed.
Impact of Binance Partnering with Ripple to Power xRapid Payments
News of Binance having plans of becoming a Ripple partner to power xRapid would be another step in the right direction towards making international remittances more efficient. When you consider Binance’s reach across the globe through offices and exchanges in Europe (Malta and Jersey), Africa (Uganda), Asia (Singapore and Hong Kong) and a vast majority of traders hailing from the United States, we get a clear picture as to how massive the partnership would be.
RippleNet members in the four continents mentioned could be motivated to utilize xRapid based solely on the good reputation of Binance. The exchange has a long standing reputation for providing online security, superior services and innovation across all its trading and launchpad platforms.
What are you thoughts of CZ expressing Binance’s interest in partnering with Ripple to power xRapid? How big will the impact be for the XRP powered payment solution and the digital asset? Please let us know in the comment section below.
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