Binance Set to Make XRP Its Base Currency?
In the tweet, the CEO of Binance is noting the strength of the XRP community, and asking its brethren to send him their best pitches for why he should pair every coin on the exchange with the digital asset.
He was also responding to suggestions from the XRP fans who believe that doing so would help cushion most altcoins from Bitcoin’s volatility. Additionally, an XRP base currency would allow cheap and efficient movement of value between exchanges.
CZ did something unexpected though. He actually included a LinkedIn link that gives tips on how to get your coin listed on Binance.com. Of particular importance, is the following statements in the step-by-step instructions:
“We require the project founder or CEO to fill out the form. Why? If there ever is a bug with your wallet, a fork or double-spend in your blockchain, we need to talk to a key person.”
After taking over Ethereum as the world’s second largest cryptocurrency, XRP investors say Binance should pair all of its cryptocurrencies with XRP. Just for a reminder, after a close battle with and surpassing Ethereum in total market cap twice in a month, XRP has now managed to edge out the rival and grab the second spot right behind Bitcoin.
This is mainly due to Ripple’s efforts to expand its customer base over the recent months. More banks are joining the RippleNet where XRP is used as a base currency in cross-border funds transfer using xRapid.
The latest addition to the list of Ripple’s partners is CIMB. CIMB Group, the fifth bank in ASEAN adopts Ripple’s tech and enters RippleNet, the company’s network of banks. This will allow the bank to provide its customers with instant cross-border payments.
According to Ripple, CIMB is one of the first banks to leverage blockchain technology in a region where payments are historically slow and efficient.
“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”
There is a small, but growing list of cryptocurrency exchanges that have adopted XRP as a trading base standard. Last August, AlphaPoint, a financial technology company that helps companies access the blockchain and make illiquid assets liquid, launched DCEX, a next-generation digital currency exchange for retail and institutional investors that was the first exchange to have XRP as its exclusive base currency.
This Binance’s move could further detach altcoins from the price swings of Bitcoin. And if multiple exchanges add XRP as a base pair, traders could easily utilize the speed of XRP to move value between exchanges.
Shaky Ground for Bitcoin
The recent upgrade of the Bitcoin Cash network sparked a fierce hash war between the camps of Craig Wright’s Bitcoin Cash Satoshi Vision (BCHSV) and Roger Ver’s Bitcoin Cash ABC (BCHABC). As a result, Bitcoin was affected price-wise, dragging the entire market down with it. After BCH hard fork has completed, Binance announced that they added both a BCHSV and BCHABC trading pair to their website, indicating it will likely honor both Bitcoin Cash forks, issuing double tokens to all BCH holders.
There is a good percentage of investors that already have turned to other alternatives looking for better utility and security. In that sense, XRP has emerged as a pretty great choice. The fact that the crypto is slowly recovering even as Bitcoin and others struggle to stay afloat adds to the charm.
The reasons the community has cited as to why XRP should be the base on Binance are that is already a base on the CoinField Exchange and also the base currency on the XRP United Exchange.
One of the biggest rating companies Weiss Ratings already in August shared in their Tweet that they agree XRP should be the base.
The truth is, XRP has proven itself in the past week as it gained value as the rest of the market fell due to the Bitcoin Cash Hash wars, it’s fast and has cheaper transaction fees and it won’t hurt to know that it will definitely attract more users towards trading on Binance.
Just day before this Binance announcement, Ran Neu-Ner, the host of CNBC Africa’s “Crypto Trader”show, said that these hash wars highlight why everyone should dump BTC and BCH and just put all their money into XRP.
At the time of writing, XRP has been trading at $0.4837 while in the red by 5.37 percent with a market cap of $19.4 billion while Ethereum is down by 7.76 percent at $168 with a market cap of $16.8 billion.
Binance Set to Make XRP Its Base Currency?