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XRP [XRP] – CAD pair finally announced by NDAX: Canadians rejoice

Akash Anand



XRP [XRP] - CAD pair finally announced by NDAX: Canadians rejoice
Source: Unsplash

The National Digital Asset Exchange [NDAX] is a Canadian digital asset exchange that now offers CAD/XRP pairings for no deposit fee. The exchange is based in Calgary and opened for business on 23rd June.

NDAX is also the first digital exchange in Canada to allow XRP trading, a feature that is absent among both its competitors, Coinsquare and QuadrigaCX.

The exchange is built on a secure blockchain infrastructure and is the most advanced cryptocurrency exchange in the country. Additionally, it has the largest portfolio of cryptocurrencies in Canada. The partnership aims to make trading fast, simple and secure for all the Canadians.

NDAX accepts funds through wire transfer, bank-to-bank transfer and demand drafts. Although the exchange takes no deposit fee, users are required to pay a withdrawal fee of 10 XRP per transaction.

The main aim of NDAX is to give cryptocurrency holders a streamlined experience while handling their digital assets. This allows users to manage their cryptocurrencies on their platform with minimal hassle. The platform also offers its traders inter-market rates that are reserved only for large platforms, a feature that is available in Canada’s exchanges for the first time.

NDAX’s website says:

“Our mission is to provide individuals and institutions a world-class experience to buy, sell and store digital assets in the most simple, secure and compliant manner.”

The other competitive benefits that NDAX offers is high-level security, instant identity verification, converting tokens into fiat money for large transactions and holding a large portfolio of cryptocurrencies. The other main cryptocurrencies that are traded on NDAX are Bitcoin [BTC] and Ethereum [ETH], which can be traded against the Canadian Dollar [CAD].

ecent, a Twitter user commented:

“And no deposit fees for now! Yay.”

The announcement was also well received on Reddit with various users expressing their views.

Dj_joeev, a Reddit user stated :

“I didn’t see this to be honest. I was just happy about free deposits as I’m usually paying approx %5 after all the hoops I have to jump through. You are right though, right now 10 XRP is nothing but as a long time hodler,who knows how much it will hurt in the future.”

At the time of writing, XRP was trading at $0.44 with a market cap of $17.38 billion, according to CoinMarketCap. The token has seen a drop of 6.93% over the past week, a trend that was seen by Bitcoin [BTC] and Ethereum [ETH] as well.

CoinMarketCap's Graph | Source: CoinMarketCap

CoinMarketCap’s Graph | Source: CoinMarketCap

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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.