BTC Wires

Ripple Announces Three Preferred Crypto Exchanges For Its Global XRP Payments

BTC Wires: Ripple, a startup specializing in Distributed Ledger Technology (DLT), has made an announcement regarding the three cryptocurrency exchanges which will be preferred during the time of making XRP transactions. The firm announced on Thursday that Bittrex, Bitso, and will now be the preferred choice for the exchange of digital assets. The move forms a part of Ripple’s plans to expand itself as a more diverse ecosystem.

The news has already been spread out as Ripple users in the US, Mexico, and the Philippines are being encouraged to use Bittrex, Bitso, and respectively, for sending or receiving funds.

Cory Johnson, the chief marketing strategist of Ripple, while throwing light on the subject, said in an interview,

“So in the U.S. we’re saying the gold standard, our official partner is Bittrex. So any bank can go to Bittrex and have guaranteed liquidity on the spot, trade their dollars for XRP, zip over to Mexico to Bitso, our preferred partner there, and convert [to Mexican pesos].”

Johnson also pressed on the fact that the traditional financial institutions will be required to have accounts with the three digital exchanges in order to convert US dollars, or Mexican or Filipino pesos. The reason why the three exchanges are on the top of Ripple’s ‘most preferred list’ is the high XRP holdings that these three offer out of all the exchanges around the world. More XRP holdings will naturally give Ripple an easy access to more liquidity.

The list, however, does not end here. According to Johnson, the number of exchanges is about to rise. He was quoted as saying, “The Corridors we’re focused on (are) organic… We want to focus on busy corridors.”

Ripple has an important job at hand and that is to determine where these places are. For instance, Taiwan and Philippines are two places where Ripple’s trade volume is the maximum. Therefore, it should be this region that Ripple should mostly focus on.

With a total market capitalisation of $12.3 billion, Ripple’s XRP is trading at $0.312 against the US dollar with the trading volume of $318 million.