Yet more good news is emerging for Ripple, this time with the launch of an XRP-based exchange that went live on October 23rd. Ripple (XRP) will act as the base for all currency pairs, and this is the first ever Ripple exchange. The announcement was first made by BankXRP on Twitter, and a Discord channel has been created for new users. XRP United is regulated and operates out of Estonia, an area known for blockchain friendly policies and a hub for many DLT startups.
The launch of XRP United
There are only four trading pairs at present – BTC, BCH, ETH, and XMR. XMR (Monero) is not yet live as the wallet has not been integrated. All these are traded against XRP, which is proven to be among the fastest and cheapest coins out there. 60% of all XRP tokens are owned by Ripple Labs, and this has led to many claims of centralization. However, there has been a launch of a variety of services to ensure decentralization, and there has been no real evidence of malpractice thus far in the network. The centralization issue aside, it is the best functioning product available and the only ledger suited to financial settlements between large institutions, especially for cross-border transactions which can be done for minimal fees.
Before the launch of XRP United, Ripple had a hard time getting listed on US cryptocurrency exchanges. There could be some politics behind the refusal of Coinbase to list XRP, while recently listing 0x, a coin with much lesser trade volume. This does not seem to have deterred Ripple, who have proceeded to expand their partnerships and connections as well as launching their own XRP exchange.
Complete Ripple dominance
One of the primary aims of this new platform is to make XRP a global standard of exchange. And, at the medium, large, and institutional level, this does seem to be becoming a reality. There are almost too many recent news items to list in detail that has emerged in the past few months, but they include
- Banco Santander, the second largest European bank, using Ripple services.
- Investments from SBI Holdings in Japan, a huge financial conglomerate.
- The recent Swell conference with keynote speaker Bill Clinton and other powerful figures promoting the network.
- The Nexo loan provider accepting XRP as collateral for loans.
- Partnership with UK-based Moneynetint, the Bill Gates Foundation, and PayCent.
- The new Wirex payment card accepting payment in XRP
- The White House allegedly considering the promotion of XRP in a geopolitical battle against Chinese BTC mining centralization.
This is by no means an exhaustive list, as more positive Ripple-related news seems to be emerging daily. In terms of political connections and large-scale business adoption, Ripple is far, far ahead of any other cryptocurrency. Additionally, it does not seem to have any competitors regarding settling transactions quickly between large entities. Even on the technical level, it is among the fastest proven cryptocurrencies with real-time traffic on its network. It briefly overtook Ethereum as the number two cryptocurrency by market capitalization. If Ethereum’s scalability issues continue along with any more Constantinople hard fork delays, then it could take the spot for good from the dApp ecosystem.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.