On 8th August, Bittrex, one of the leading exchange platforms around the world, has announced that they will be launching USD markets for XRP [XRP] and Ethereum Classic [ETC] on their platform. The launch of the market is set to happen on 20th August 2018.
The exchange platform on Twitter announced:
“Get ready – we’re adding more US dollar (USD) markets on
@BittrexExchange. On August 20, we’re launching USD (fiat) markets for ETC & XRP.”
Bittrex states that the reason for adding the XRP/USD and ETC/USD trading pairs on the platform is to enable their customers to buy cryptocurrency with USD directly and provide USD pairing for customers that will only be listed on their exchange platform.
The exchange platform further states that the USD pairings is a step towards the adoption of blockchain technology. This would also decrease the dominance and influence of one particular cryptocurrency on other tokens in the crypto space.
The platform said:
“We’re going to continue adding tokens to our USD markets, providing our customers even more convenient, fast and secure trading options as well as access to some of the world’s most innovative blockchain projects.”
The news came into the limelight after the exchange platform announced that they will be opening USD market for their customers. Customers can avail either the ‘USD trading only’ or ‘USD trading, withdrawal and deposit’ service provided by the platform.
The service is available for customers with a personal account and corporate accounts. Moreover, only customers who live in California, Washington State, Montana and qualified international customers are eligible to participate in the USD markets. The exchange platform has stated that they will be adding more states to their new market soon.
With the addition of XRP and ETC to the platform’s USD market, Bittrex will have a total of six cryptocurrencies in their USD market. The other cryptocurrencies are Bitcoin [BTC], Ethereum [ETH], Tether [USDT] and TrueUSD [TUSD].
XRP Trump, an XRP and Ripple enthusiast says:
“Good. Now let’s see if BTC and ETH can compete with XRP on a more level playing field. It’s easy to exploit network effects when users don’t have a choice but now it’s a choice between between 3.5s transfer for 0.00001 XRP vs 1 hour transfer for a few bucks!”
Crypto_n_more, a Twitterati says:
“@coinbase they coming for you in all angles, better hurrah up with them … listings with the quickness or you will be forgotten by next year, remember #CRYPTO moves fast…. and @BittrexExchange is making chess moves on you…..”
Shubham, another Twitterati says:
“Bittrex will add USD trading pair with Xrp after 20 August. One step towards decoupling from bitcoin”
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Mexico, Philippines are very large receive side countries when it comes to remittances, claims Ripple executive
Ripple, one of the prominent players in the FinTech industry, continues to make strides in the cross-border payment settlement ecosystem. The firm recently announced a partnership with MoneyGram, a money transfer company headquartered in Dallas. Ripple would be investing around $50 million in the company.
The agenda behind this investment is to increase the adoption of RippleNet, Ripple’s global payments network. Importantly, this would boost the use of xRapid, a product of RippleNet that utilizes XRP for cross-border payment settlement, considering MoneyGram has established its presence in over 200 countries.
Kevin Mole, VP of Product Marketing, recently discussed on-demand liquidity and XRP’s role in it, in an interview with RippleDrop. Upon being asked about on-demand liquidity, the VP stated that it was “a way for customers to send fast low-cost payments, without having to pre-fund the destination account.” The VP spoke about this further in the extended video released on 18 June. He said,
“Today’s correspondent banking network is so slow that in order to deliver a fast experience, you have to pre-fund accounts in the destinations in which you’re sending money to. You’re storing capital like cash really in those accounts for days at a time and that’s highly inefficient, it’s a poor use of money.”
He went on to say that on-demand liquidity places XRP in the middle of the payments taking place from one country to another. Mole added that this in turn, enables near-instant payment without the need of having funds in the destination account.
This was followed by the executive being asked about where on-demand liquidity was available. To this, Mole stated that it was currently available in Mexico and the Philippines. He added that Mexico and the Philippines were “very large receive side countries when it comes to remittances.” He further stated that $31 billion flowed into Mexico every year, while the Philippines saw an inflow of $33 billion on a yearly basis. Mole went on to state,
“We believe that there’s a large amount of demand there. And also, the types of payments that people are making into these countries like Mexico and Philippines from US and Europe and parts of Asia are really to cover necessities [….] So, this is a really high-impact cross-border flow and the first of many corridors that we will open up this year.”
Further, the Vice President of Product Marketing also spoke about the reason people would be interested in using on-demand liquidity. He stated that there were two key factors, speed and low cost, adding that XRP was the main reason for better speed as it settles payments within 3-5 minutes, as opposed to other payment rails.
“[…] second thing is low cost. so the ability to not have to pre-fund all these accounts around the world means you can use that capital which you would otherwise have had in various bank accounts to put to good use marketing your products lowing the cost of your product to the end-user it’s about growing your business […]”
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