The expansion of cryptocurrency utilities has been a core aim for a lot of organizations involved in the world of digital assets, mainly by integrating features that are similar to those available in the mainstream financial ecosystem.
The latest update from popular Chinese cryptocurrency exchange, OKEx, indicated that it has opened its doors to a futures trading upgrade which will be available for Litecoin [LTC], Bitcoin Cash [BCH] and XRP. The cryptocurrency exchange’s tweet read,
“The tiered maintenance margin ratio system is now available for LTC, BCH, XRP futures markets. The new risk management system will effectively minimize the risks of margin call losses & enhance the user experience of futures trading, which allows users to select 1-50x leverage.”
The organization claims that the upgrade will provide higher leverage levels for users, a feature that investors have been clamoring for a long time. The feature of margin trading has become a trend that a lot of exchanges have been trying to capitalize on, with Binance becoming the last popular exchange to embrace it. Binance had confirmed this news recently through CEO Changpeng Zhao, who during an AMA stated,
“I think most people have already seen the margin flagged added in our API so as we are working on marketing system that look that’s rolling out actually very very soon”
Futures trading has been an important aspect in cryptocurrency transactions and even though OKEx has not added its latest upgrade for Bitcoin, BTC futures were buoyed with the rise of Chicago Mercantile Exchange [CME]. The latest report from CryptoCompare’s monthly exchange showed that CME saw a significant spike of 263 percent in their average trading volumes, just in the month of April. Some experts have speculated that this ascendance in futures trading is what has forced many exchanges to take a keen look towards that sector of cryptocurrency trading.
OKEx was also in the news recently after a recent post from the exchange hinted at potential Lightning Network integration. The exchange’s Twitter handle tweeted,
“It’s about time to light up the market.”
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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