The Binance cryptocurrency exchange is one of the most active ones in the crypto-verse. Binance is currently handling a 24 hour trade volume worth $1.108 Billion at the moment of writing this. The exchange facilitates trading through the base currencies of Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and its very own Binance Coin (BNB). Now the XRP community has initiated an online campaign to have XRP also as a base currency on the exchange.
One of the appeals by twitter user @C3_Nik, directly requests the exchange’s CEO, Changpeng Zhao, using the following words:
We would like to see
#XRP as one of the base assets on @Binance in order to move value much more quickly! Please do it @cz_binance ! Let’s get some retweets to let them know.
The tweet has since received over 800 retweets and 950 likes as can be seen in the full tweet below.
Please do it @cz_binance !
— C3|Nik (@C3_Nik) August 9, 2018
Some of the reasons XRP fans outlined in the comments of the tweet as to why Binance should start pairing the digital asset as a base for trading are as follows:
- It would help Binance for it is faster and cheaper
- A base currency of XRP would bring in more users to the exchange
- XRP is the fastest digital asset to transfer funds between exchanges
- Other exchanges are continually warming up to XRP as a base currency
- XRP would attract the big money movers – also known as whales – who’d increase the trade volume of the exchange: a win-win situation
- It is the natural and progressive thing to do given the popularity of XRP
Recent Weiss Rating that rank XRP as the best to move funds between exchanges
In a recent twitter poll that started on the 20th of July, Weiss Ratings had asked which is the best cryptocurrency for moving funds between exchanges. The choices were ETH, XRP, BTC and other. Out of 7,598 votes, XRP got 78% of the the total. The poll can be found below:
Which is best for moving funds between exchanges?
— Weiss Ratings (@WeissRatings) July 20, 2018
As a matter of fact, Juan Villaverde, of the Weiss Ratings firm, went on to thank the XRP community for convincing him to start using XRP to move money between exchanges. In the tweet, Mr. Villaverde stated the following:
Thanks, guys! You’ve convinced me. I now use XRP myself to move money between exchanges. No wait for confirmations. Really fast.
Therefore, the XRP community has valid reasons to keep pushing for Binance to implement XRP as a base currency on the exchange. Time will tell if this will become a reality.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
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