This is the news that the whole Ripple and XRP community has been waiting to hear since they praised both Ripple and its digital asset to Changpeng Zhao’s Twitter account.
Binance will team up with Ripple
Binance CEO Changpeng Zhao just announced that the crypto exchange would be teaming up with Ripple in order to boost the XRP-powered product xRapid.
Zhao said that they have not yet begun the process of establishing this partnership, but this is definitely in the cards for the two companies.
For now, Binance will remain focused on launching the Binance Chain and its forthcoming decentralized exchange Binance DEX.
CZ explained that “We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them as a partner.”
Ripple has already gathered some vital partnerships
Ripple has already teamed up with crypto exchanges Bitso, Bittrex, Coins.ph and Bitstamp in order to boost liquidity for their digital asset XRP.
Ripple’s Cory Johnson said that such partnerships with important crypto exchanges are vital for mass adoptions and will “allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
Ripple overcomes SWIFT
Ripple’s managing director of South Asia, the Middle East, and North Africa revealed that their cross-border solution xCurrent offers banks and financial institutions massive cost savings over SWIFT.
Navin Gupta said that BeeTech which is a Brazilian cross border company managed to eliminate the fees they were paying when using SWIFT, “dropping in its own fees from $20 to $2 per transaction in the process.”