Earlier today, the CEO of Binance Changpeng Zhao spoke in his first ever live stream on Periscope where he spoke about several topics affecting the company and the crypto space at the moment including the Bitcoin ETF, Binance Exchange and more. The most interesting topic that CZ spoke about though was Ripple saying that Binance will definitely partner with the payment protocol in order to boost the XRP-powered xRapid in the future.
Even though this is very early days for this potential partnership, this is the first sign of the two companies teaming up but this is a massively promising for Ripple and their payment solution which is gaining its own traction for banking organisations.
Despite this, there is nothing that has been set in stone just yet from the two firms. But Binance is already helping boost liquidity for xRapid by partnering with crypto exchanges Bitso, Bittrex, Coins.ph and Bitstamp. These exchanges make it possible for financial organisations to convert their local currency to XRP and send the digital asset to another country, where it’s immediately converted back to fiat. Speaking in the live stream, CZ said:
“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.”
Boost for xRapid
Even though XRP is one of the biggest products from Ripple, the major product that it is currently being aimed at financial institutions is xRapid. Ripple developed the payment solutions to be a regulatory compliant way for global firms to move money without having to set aside fiat money in bank accounts around the world.
If this partnership goes ahead, there isn’t a doubt in my mind that there would be a huge boost for XRP in terms of its price as Binance is a leading cryptocurrency exchange that has a lot of sway in the ecosystem and so many would see it somewhat make XRP more legitimate.
The cryptocurrency community have dug into both XRP and Ripple in the past because of their more traditional and institutionalised way of processing things, often classed as centralised.