Ripple’s XRP Gets Popular with More Exchange Listing
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Key Takeaways:

  • Trading platform Binance now offers Ethereum and XRP options trading, just a month after launching Bitcoin.
  • Binance is not the only one as platforms in the likes of Blockchain.com and GokuMarket too have added the crypto on their platforms.
  • Ripple’s head of developer relations revealed that the firm has been responsible for processing circa 10% of the total remittance flow in the US-Mexico region through remittance platform, ODL

The crypto space is booming. Particularly, Ripple seems to have a busy month. 

While many companies are still trying to recover from the aftereffects of the global pandemic, Ripple has been leveraging this time and it’s crypto XRP foraying into a slew of platforms.  

The newest one to do so is crypto exchange Binance which announced that it now supports options trading for Ethereum (ETH) and XRP. They can be accessed via the app once users update it. This announcement comes after Binance launched options trading for Bitcoin in April this year.

Talking about Options contract – an investment contract which provides traders the right but not the obligation to trade an asset for a specific price – Binance CEO Changpeng Zhao said that it is “a much-anticipated product, allowing the traders and miners to effectively buy insurance on their positions and for speculators to take advantage of the market movements as well.” 

More platforms include XRP to attract crypto traders

Alongside being listed on Binance for open contracts XRP achieved major strides on other platforms as well. For instance, Slovakian exchange platform Eterbase announced the addition of XRP on May 22. 

“As we strive to increase our userbase alongside improving the overall user experience, our goal is to offer our users a wide range of top quality cryptocurrencies,” said Eterbase’s announcement.

Given that XRP can be sent directly without needing a central intermediary, Eterbase describes XRP as a “convenient instrument in bridging two different currencies quickly and efficiently.”

“Faster, less costly, and more scalable than any other digital asset, XRP and the XRP Ledger are used to power innovative technology across the payments space” said Eterbase.

In addition, Hong Kong-based GokuMarket announced the addition of XRP and launched eight new ways it can be used with the aim “towards fueling the mass-adoption” of the cryptocurrency. Some of the use cases include accessibility through mobile & web wallets, debit cards, crypto trading, XRP starter kits, an AI-based Arbitrage Bot and even usability on e-commerce marketplaces.

“With an average transaction settlement time of 4 seconds, XRP outpaces BTC, LTC, and ETH amongst the top-ranked market cap cryptos,” the platform said in the Medium post.

Elsewhere, established players in the crypto space such as Blockchain.com too joined the ongoing list of firms to add Ripple’s XRP on its platform. The exchange will be available in more than 180 countries and enabling deposits, withdrawals, and fiat-to-crypto trading in a host of currencies like USD, EUR, TRY, and GBP, it announced on May 21. 

Read Also: Ripple and Xendpay Join Forces to Ease Money Transfer for UK‘s Key Workers

It’s comes as no surprise that the crypto is getting stronger in the crypto sector. Ripple said that XRP accounts for almost 10% of US-Mexico remittances cash flows. 

At the virtual reimagine 2020 conference, head of developer relations Warren Anderson said:

“So US-Mexico is one of the largest remittance corridors in the world, and Ripple was seeing upwards of 10% of that flow actually going through our production network.”

Indeed, there ain’t no stopping for XRP anytime soon and it might even disrupt the entire financial ecosystem as we know it.