Ripple’s xRapid payment solution is an interesting technology for us, according to Changpeng Zhao, CEO of Binance in his first broadcast live stream. “CZ” emphasizes that his company focuses on creating its own blockchain and BinanceDEX, a decentralized counterpart of the current Binance stock exchange.
Ripple and crypto exchanges
The Silicon Valley company has already sold its technology to crypto exchanges such as Bittrex, Bitso, Coins.ph and Bitstamp. Among other things, to increase the liquidity for xRapid. The exchanges can convert local currencies for financial institutions to XRP. Then this digital asset is sent to a different country, where it is converted into fiat. This prevents banks from having to hold foreign currency. The transaction rate of xRapid is also many times higher than traditional transaction methods, such as via SWIFT, for example.
Earlier today @cz_binance answered your questions in a live Periscope AMA. Topics included the listing fee for @Binance_DEX, what keeps him motivated, and even advice for upcoming crypto entrepreneurs!
— Binance (@binance) 7 februari 2019
Cory Johnson of Ripple reacts to the news: “Crypto exchanges are crucial for the global adoption of xRapid and it offers financial institutions more payment speed and comfort”.