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A Hong Kong-based cryptocurrency exchange, ExLand, announced the listing of the Ripple native token, XRP. Although it was a sad day for the entire cryptography market because almost every single coin is in double-digit red (except XRP), this news would make the Ripple community challenge others. News from the official list was tweeted yesterday.
Nobody will blame you if you've never heard of ex.land. It is an exchange of cryptocurrency based in Hong Kong, owned by China Sinx Group that maintains a shallow profile and, even if you do a very detailed research to find out details about the parent company (or the exchange), very little information will be found.
Hong Kong has been a bridge between China and the West (the United Kingdom, in particular) since the nineteenth century. And it continues to try to stay that way, although it is no longer a British colony, but is now rejoined to the mainland.
It enjoys a certain degree of autonomy and that is why many of the major companies in mainland China try to take advantage of Hong Kong's special status to reduce friction in doing business with the rest of the world. And this is one of the reasons why the ex.land is based there, and is able to trade on Bitcoin freely when the Chinese government has been openly hostile to it – despite the fact that 80% of all mining Bitcoin is done, in fact, in China.
So, the news is that ex.land has adopted Ripple's XRP currency on its platform. Not only will it support it, but it will exchange it using an XRP / USD pair.
This is the relevant thing. If you have exchanged digital assets in the past, you will know that there are not many coins that can be purchased directly using the fiat currencies. The most common way to exchange cryptocurrencies is to buy Bitcoin first, then send it from your wallet to your exchange of choice, and only then use it to buy any other currency you like, like XRP.
*** New $ XRP list ***
XRP listed on the Hong Kong ExLand stock exchange @exland_exchange with USDT trading pair.#XRPcommunity #XRPthestandard @Ripplehttps://t.co/qLSmirb6xl pic.twitter.com/mOQH69fPfB– Leonidas (@LeoHadjiloizou) November 19, 2018
More and more encrypted exchanges in the world are adopting XRP in different types of pairings (XRP / BTC is still the main one), some are adopting it in an XRP / USD pair (like ex.land) and there are some that they are even adopting the Ripple token as the base currency, putting it in direct competition with Bitcoin, nothing less.
The news comes to show the incredible amounts of progress and credibility that XRP is gaining in the cryptosphere when it began to be one of the most unpopular and hated tokens due to the company's declared mission to help the banks and the traditional financial system.
At present, XRP has become the second largest cryptocurrency in the world by market capitalization in the last week, noting the position of Ethereum. It was the most profitable asset of the last year, and it was one of the few money that actually grew steadily in the last month.
Ripple continues to announce new strategic partnerships and developments for the company's software and token, continues to get positive attention and to come up with all new use cases.
It is one of the few blockchain projects that focus on making cryptocurrencies useful in the real world. This policy continues to create demand for XRP. The demand creates volume of exchanges and both things together make the most precious asset.
XRP is the type of resource that encryption needs. It will compete with Bitcoin and turn the encrypted market into a real economy instead of a speculative game for fans.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Mintchipdesigns / PixaBay
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