Binance Added Ripple (XRP) As A Base Currency

Binance CEO, Changpeng Zhao, knows how to give XRP enthusiasts another reason to celebrate. Besides the fact that XRP surged from $0.30 to $0.40+ in less than a week, Binance added XRP as a base currency.

A lot of Ripple supporters used the #XRPthebase hashtag and their request was fulfilled by the Binance team. One of the main advantages of having XRP as a base pair is the fact that transactions could be solved in a matter of seconds. Instead of dealing with a 10-15 minutes transfer, people could actually purchase cryptocurrency now with XRP with a deposit that would arrive in seconds.

The cryptocurrrencies that would have XRP as a base cryptocurrency on Binance will be chose internally by Binance, but priority will have the ones that donated to the Binance Charity, as CZ declared:

TRX/XRP And XZC/XRP Are Now Live!

Trading for TRX/XRP and XZC/XRP is live since 24th December 2018, as a Binance announcement states:

“Binance will add TRX/XRP and XZC/XRP trading pairs with XRP as the quote asset into the new Combined ALTS Trading Market (ALTS) at 2018/12/24 11:00 AM (UTC). The original ETH Trading Market (ETH) will be renamed into the ALTS Trading Market, to support more trading pairs with different quote currencies. Please note that ALTS does not represent a new coin or token. It is the symbol for Binance’s new Combined ALTS Trading Market.”

This being said, there are a few changes to the Binance markets that will be listed below:

  • Bitcoin (BTC) markets will keep their name. The groups of pairs that use BTC as a base currency will keep its name. Same will happen for the BNB ones, as the group of pairs that used BNB as a base currency will keep its spot.
  • Ethereum markets was now replaced by “ALTS Market”. Due to adding XRP as a base currency, Binance considered that ETH & XRP should be listed under the ALTS market which is basically a drop-down menu from which you can select the cryptocurrency/ETH pair or the cryptocurrency/XRP pair. Its a group of pairs which lead us thinking that Binance will probably add a few more base currencies in the future.
  • Stablecoins Markets (USDT,TUSD,PAX, USDC) – will keep their spot and these are called “USDⓈ Markets”. They represent a group of stable cryptocurrencies which anyone can chose from in order to exchange their cryptocurrency to a USD stable value.

Image Source: Pixabay

 

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