Crypto exchange Binance has added Ripple’s XRP as a base currency on the exchange. With this announcement, it means that XRP will now be used more as a primary asset that can be used to make purchases of other cryptocurrencies listed on the platform. Although some minor digital exchanges have already added XRP with other altcoins and fiat currencies, this will mark the first listing of its kind on a top crypto exchange. Binance is rolling out the TRX/XRP (Tron) and XZC/XRP (Zcoin) pairs.
Changpeng “CZ” Zhao, CEO of Binance, flirted with the idea of making this move earlier in the year, giving signs via Twitter that the company was planning something in this direction.
The XRP community unanimously rallied, believing it should be added as a base pair on Binance. A user on Twitter with the username “C3|Nik” asked Zhao to list the currency as a base pair to the exchange. Zhao didn’t respond, but another Twitter user with the username “izombieXRP” asked for him to either perform the same action or gift him a Camaro.
In response to “izombieXRP’s tweet, Zhao had teased the user, saying, “Careful what you wish for. :)”
Days later, Zhao made the announcement officially via his Twitter account.
He also announced that the company would be renaming the Ethereum market to the “ALTS’ market, stating that the move was spurred by a lack of space on the company’s user interface.
He added, “We will prioritize adding more pairs for the projects that have donated to our charity (even though (sic) we never mentioned this during our fundraising (sic) efforts).”
Last month, XRP solidified its place as the second most valuable crypto asset in the world, overtaking Ethereum. As of this writing, the asset has a market cap just below $17 billion.
The news of ZCoin and TRON being the only available pairs for XRP may have had positive effects on their values.
Binance, the largest crypto exchange in the world by daily trade volume, expanded its token offering this year, focusing specifically on stablecoins. Earlier in December, it launched a range of pairs, TrueUSD, a USD-pegged stablecoin, serving as a quote currency on the platform.
Featured image from Shutterstock. Photograph from LinkedIn.
Last modified: June 11, 2020 7:43 PM UTC