One of the breaking news about cryptocurrency was heard when Changpeng Zhao, CEO of Binance told that the major crypto exchange would surely be entering into a partnership with Ripple. The reason for this partnership is to boost the payment solution known as xRapid which is powered by XRP.
As of now, both the companies have not started to plan out the details says Zhao, however, for the near future he says Binance is focusing on introducing Binance Chain as well as BinanceDEX.
He also said that their main focus will be to launch more features as of now because of which they are working with some of the other partners. He added, “With xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them as a partner.”
In order to boost its liquidity for the payment solutions xRapid, Ripple is already in partnership with a few cryptocurrency exchanges like Coins.ph, Bittrex, Bitso, and Bitstamp. What these exchanges will do is that they will be making it easy to convert the local currency into XRP for financial institutions and then the digital asset will be transferred to other countries. After reaching there, it can instantly be converted back to fiat.
This whole process is constructed in such a way that it will take for the transaction to complete a few minutes till the time it begins and finishes and the time duration of the funds are in the form of XRP is just a few seconds.
xRapid was developed by Ripple so that it can be a ‘regulatory-complaint’ method for global companies so that they can move their funds without the necessity of parking fiat in their personal accounts worldwide.
The crypto exchanges that are partners with Ripple will be playing a crucial role in worldwide adoption of xRapid said Cory Johnson and added that it would be allowing them to offer “financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
The impact that the partnership between Binance and Ripple will be having will be in the correct direction as it will make international payments very efficient. You will get a proper picture of how big this partnership is going to be once you take into consideration the reach of Binance across the world. This whole process is constructed in such a way that it will take only a few minutes to complete any transaction.