Binance, one of the largest virtual currency exchanges, has decided to add support to XRP as a quote asset. The information was released in a blog post by Binance a few days ago. This has been a very interesting Christmas gift to the XRP community that has been waiting very long for XRP to be added as a base currency on Binance.
Binance Adds Support TRX/XRP and XZC/XRP
The virtual currency exchange Binance has decided to add support to TRX/XRP and XCZ/XRP with XRP as the quote asset. The new trading pairs will be seen in the new Combined ALTS Trading Market which has replaced the ETH markets. There was no more space in the UTXO to add more base currencies.
The official blog post reads as follows:
“The original ETH Trading Market (ETH) will be renamed into the ALTS Trading Market, to support more trading pairs with different quoted currencies. Please note that ALTS does not represent a new coin or token. It is the symbol for Binnace’s new Combined ALTS Trading Market.”
Changpeng Zhao, the CEO and Founder of Binance, announced this also on Twitter, where he received almost 10k likes, 3,6 retweets and 1,4k comments.
We will be adding a couple trading pairs with XRP as the quote currency shortly.
And rename ETH markets to ALTS market. Running out of space on the UI.
— CZ Binance (@cz_binance) December 24, 2018
In the future, they will be adding more trading pairs for those projects that have donated to the charity.
XRP is the second largest virtual currency in the market right after Bitcoin (BTC). The digital asset was able to grow and surpass Ethereum (ETH) as the second largest virtual currency. At the time of writing, XRP has a market capitalization of $15.14 billion and each coin can be purchased for $0.3711, according to CoinMarketCap.
The XRP community has been asking for Binance to add XRP as a trading pair since a very long time. The main intention behind this request is to help investors and traders transact funds among exchanges with ease. XRP has very fast transactions and it has also very low fees.
For example, a few months ago, XRP has processed a 150 million XRP transaction paying just 0.005 XRP as fees. This is also very positive for XRP that has been involved in a debate on whether it can be considered a security or not.
This is very important for the cryptocurrency space and the XRP community. If XRP is considered a security, it will generate a devastating situation for investors and it will clearly have a negative effect on the market. This is why Binance’s decision to add support to XRP as a quote currency is a sign of support from the crypto space.
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