Binance’s Future Plans Include A Ripple Partnership Hints CEO Changpeng Zhao
Binance has successfully launched Tron’s BitTorrent token (BTT) in its launchpad and has its eyes in a couple of other partnerships. One such collaboration is Binance tying up with Ripple. The news was made popular via a tweet by RipplePandaXRP whereby the CEO of Binance Changpeng Zhao is seen to be speaking about an interesting likelihood.
Zhao stated he would look into exploring Ripple’s xRapid. As of now, the primary focus is on Binance chain and BinanceDEX.
“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.”
The video is seen to be part of a 46-minute Periscope video of answers to questions from Twitter users. In the video, he is seen to clarify several insights into Binance chain and BinanceDEX. These included Binance chain running fewer nodes, similar to NEO but each node will be larger. As for listing on BinanceDEX, it is likable it will be $100,000 which Zhao stated was to reduce scam projects.
Zhao hinted about Binance allowing margin trading, but it is not likely anytime soon. He even spoke the instances of QuadrigaCX smelling fishy!
The application used by Zhao- Periscope is a live video streaming app for Android and iOS which is run by Twitter after being acquired by social media giant before it’s launch in 2015.
Binance won’t be the first to utilize the liquidity solution of xRapid. Bittrex, Bitso, Coins.ph and Bitstamp are already utilizing xRapid to allow local currency to be converted to XRP. As a result, these XRP can be sent to another country in a matter of seconds, which in turn is converted to fiat.
Ripple’s technologies are seen to be picking up pace amongst financial institutions. xRapid which utilizes XRP is not so popular amongst these institutions. Thus cryptocurrency exchanges are seen to be crucial in expanding xRapid’s use.
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