Breaking: Binance CEO Says Crypto Exchange Plans to Partner With Ripple to Boost XRP-Powered xRapid
Binance CEO Changpeng Zhao says the leading crypto exchange will “definitely” partner with Ripple to boost its XRP-powered payment solution xRapid.
So far, Zhao says the two companies have not yet begun to hammer out the details and for the immediate future, Binance remains focused on launching Binance Chain and its upcoming decentralized exchange BinanceDEX.
“We’re focused on launching more features right now, 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 as a partner.”
Ripple has already partnered with crypto exchanges Bittrex, Bitso, Coins.ph and Bitstamp to boost liquidity for xRapid. The exchanges will make it possible for financial institutions to convert their local currency to XRP and send the digital asset to another country, where it’s immediately converted back to fiat.
The process is designed to take a couple of minutes from start to finish, with the amount of time the funds are in XRP limited to a matter of seconds.
Ripple developed xRapid to be a regulatory-compliant way for international companies to move money without having to park fiat in bank accounts around the world.
Ripple’s Cory Johnson says its crypto exchange partners will be crucial for global adoption of xRapid, and will “allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”