- Digital assets exchange Bitrue has witnessed an exponential growth after making its trading platform XRP-centric even after facing opposition from team members.
- The path was replete with challenges with respect to convincing the clients.
- The XRP community aided in helping the platform score more users.
In a new post published Ripple said that digital assets exchange Bitrue has experienced massive growth after it included digital asset XRP on its trading platform. The platform is bullish about the crypto and believes that “XRP’s growing utility among businesses and individuals will bring more users to its exchange.”
“For any blockchain project to be successful, it has to be practical and scalable,” said Co-founder and CEO, Curis Wang. “XRP’s role in solving problems with cross-border payments is a perfect use case that will drive growth, which is why Bitrue decided to make it the central asset of our exchange. In addition, our connection to XRP’s highly-engaged community differentiates us from the thousands of other exchanges out there.”
The asset used by Ripple’s payment network enables cheap, instant cross-border financial transactions.
Recalling the first time Wang was introduced to the digital asset, he said it didn’t take him long to realize its benefits and could predict that it will drive a host of users on its platform.
Describing it as a “much-need[ed] solution to the problem of slow and expensive global payments,” Wang said making Bitrue an XRP-centric exchange had the potential to make the business “more than just a simple trading platform.”
“I believed that by focusing on XRP, Bitrue could become part of a bigger ecosystem based around global payments,” said Wang.
Facing multiple trials to prove XRP’s value
However, despite knowing how it would help the business, it wasn’t easy for Wang to get his team as well as clients onboard. “It wasn’t a typical strategy for a digital assets exchange and I had to work hard to convince our team that it was the right idea. “Persuading customers to use our platform was an even tougher challenge,” he added.
Despite these challenges, Wang demonstrated that people around the world were capitalizing on On-Demand Liquidity to smoothen the process of cross-border transactions. While this helped in his team being more open to make Bitrue an XRP-centric platform, gaining user trust was less simple.
To counter that roadblock, Wang got in touch with the XRP community. “Once they saw how much we were backing XRP, the community embraced Bitrue. We recently ran a Twitter poll to see which assets to pair with XRP and we had thousands of responses,” he continued.
Fast forward to the end of 2019 and Bitrue was exchanging 77 XRP pairs. “We’ve also launched digital asset-backed loans that allow people to use their XRP as collateral to borrow our assets like bitcoin, ether, or a stablecoin like Tether,” added Wang.
Indeed, the Singapore-based exchange is taking every step to cement its partnership with XRP. It announced a partnership with the XRP Tip Bot in April last year which enabled users to convert other tokens to XRP to make micro-donations through the bot.
Bitrue’s attempt to boost its position in the crypto space is going leaps and bounds. In a latest move, it announced a collaboration with Legend Trading which will enable Bitrue to offer fiat OTC services for users worldwide. This function will allow users to convert fiat assets to cryptocurrencies, or vice versa, permitting them to begin trading coins with minimal difficulties.