Binance CEO Changpeng “CZ” Zhao recently went live on Periscope, a live video streaming app for the first time where he spoke for about 45 minutes answering questions, talking about Binance’s upcoming developments such as Binance Chain, their new decentralized exchange, Binance Coin (BNB), and more.
The link for the video stream can be seen below:
— Binance (@binance) February 7, 2019
Binance to Adopt Ripple’s XRP-Powered xRapid Payments?
Arguably, the most notable comments from CZ come from a question on whether the Binance exchange was in the process of partnering with Ripple to power xRapid payments.
To this, CZ says their priority is to focus on the immediate future, which involves the launch of Binance Chain and the BinanceDEX. However, he proclaimed a partnership with Ripple is something of interest, and he would definitely like to look into it in the future:
“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 [Ripple] as a partner.”
Ripple has already partnered with over 200 financial institutions, 4 of which include crypto exchanges Bittrex (USA), Bitso (Mexico), Bitstamp (United Kingdom) and Coins.ph (Philippines). These exchanges will use Ripple’s xRapid blockchain technology to provide fast and cheap cross-border transactions.
Ripple’s xRapid facilitates cross-border remittances via their XRP cryptocurrency, which provides financial institutions (exchanges) with an avenue to convert fiat to XRP on xRapid (and vice-versa). This allows for efficient cross-border remittances at near-instant speeds, and for a fraction of the cost of traditional methods.
What Would Be the Impact of a Binance Partnership With Ripple?
If Binance were to partner with Ripple, the implications on Ripple’s XRP cryptocurrency could be very positive. Ripple’s XRP-powered xRapid technology has yet to be adopted on a grand scale, and a partnership with Binance would change just that.
Binance is the world’s largest crypto exchange by adjusted trading volume, with a global outreach through offices and exchanges in Europe, Africa, and Asia, their vast majority of traders coming from the United States. If Binance were to utilize XRP for cross-border remittances, XRP could see their price and adoption explode in a big way.
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