The managing director of Binance Changpeng "CZ" Zhao went on Twitter on Sunday to send a message to the XRP community about their constant talk of XRP as the base currency for the main encryption exchange.
In Tweet, the CEO of Binance is noting the strength of the XRP community and asks his brothers to send him the best shots to explain why he should couple every coin on the exchange with the digital resource.
He was also responding to suggestions from XRP fans who believed that doing so would help protect most of the altcoins from Bitcoin volatility. Furthermore, an XRP base currency would allow an economic and efficient value movement between exchanges.
CZ did something unexpected though. It actually included a LinkedIn link that provides advice on how to get your currency listed on Binance.com. Of particular importance, are the following statements in the detailed instructions:
"We ask the project's founder or CEO to fill in the form, why? If there's a bug in your wallet, a fork or a double spend in the blockchain, we need to talk to a key person."
The basic shr xrp is strong. Take it from your system and put all your shillings under this tweet, and see how much we get. https://t.co/usiISCtuSj
– CZ Binance (@cz_binance) November 18, 2018
After detecting Ethereum as the second cryptocurrency in the world, XRP investors say that Binance should pair all its cryptocurrencies with XRP. Just for a reminder, after a close battle with Ethereum and exceeding the total market cap twice a month, XRP has now managed to free the rival and take second place just behind Bitcoin.
This is mainly due to Ripple's efforts to expand its customer base in recent months. Other banks are joining RippleNet where XRP is used as the base currency in cross-border funds transfer via xRapid.
The latest addition to the Ripple partner list is CIMB. CIMB Group, the fifth bank of ASEAN adopts Ripple technology and joins RippleNet, the company's network of banks. This will allow the bank to provide its customers with immediate cross-border payments.
According to Ripple, CIMB is one of the first banks to exploit blockchain technology in a region where payments are historically slow and efficient.
"Ripple's blockchain-based solution was implemented to improve CIMB's proprietary remittance product called SpeedSend.This service allows customers to send and receive money with direct account credit and cash collection. their access to cross-border remittances worldwide – both entering ASEAN and outbound to other countries – is already allowing remittances to corridors such as Australia, United States, United Kingdom and Hong Kong. "
There is a small but growing list of cryptocurrency exchanges that have adopted XRP as a commercial base standard. Last August AlphaPoint, a financial technology company that helps companies access the blockchain and liquidate liquids, launched DCEX, a next-generation digital currency exchange for retail and institutional investors that was the first exchange to have XRP as an exclusive base currency.
The move of this Binance could further detach the overcoins from the fluctuations in Bitcoin prices. And if multiple exchanges add XRP as a base pair, traders could easily use XRP's speed to shift the value between trades.
Shaky Ground for Bitcoin
The recent update of the Bitcoin Cash network has sparked a fierce war of hash between the fields of Bitcoin Cash Satoshi Vision by Craig Wright (BCHSV) and Bitcoin Cash ABC (BCHABC) by Roger Ver. As a result, Bitcoin has been influenced from the price point of view, dragging the whole market with it. After the BCH fork has been completed, Binance has announced that it has added a pair of BCHSV and BCHABC trading to its website, indicating that it will probably honor both Bitcoin Cash forks, issuing double tokens to all BCH holders.
There is a good percentage of investors who have already turned to other alternatives looking for better utility and security. In this sense, XRP has emerged as a rather large choice. The fact that the crypt is slowly recovering even when Bitcoin and others struggle to stay afloat adds charm.
The reasons why the community has cited the reason why XRP should be the base on Binance are already a basis on the CoinField Exchange and also the base currency on the XRP United Exchange.
One of the largest rating companies that Weiss Ratings had already shared in August Tweet that I agree that XRP should be the basis.
Please do it @cz_binance !
– C3 | Nik (@ C3_Nik) August 9th 2018
The truth is that XRP proved itself last week as it gained value while the rest of the market fell due to the Bitcoin Cash Hash wars, it's fast and has cheaper transaction costs and it will not hurt to know it will surely attract more users to trading on Binance.
Just one day before this announcement by Binance, Ran Neu-Ner, the guest of the show "Crypto Trader" of CNBC Africa, said that these hash wars highlight why everyone should download BTC and BCH and just put all their money in XRP.
At the time of writing, XRP was trading at $ 0.4837 while 5.37% red with a market capitalization of $ 19.4 billion while Ethereum fell 7.76% to $ 168 with market capitalization of $ 16.8 billion.