Binance, one of the world’s largest crypto exchanges, may soon partner with Ripple’s cross-border payments settlement product xRapid, according to Binance CEO Changpeng Zhao.
CEO at Binance crypto exchange, Changpeng Zhao, took to Twitter to answer several questions about the company. Zhao was asked whether there is “any development about the partnership between Binance and xRapid.”
He said Binance could partner with the San Francisco-based blockchain startup. Even so, Zhao said they haven’t started working on a plan to integrate the xRapid protocol, created by Ripple and powered by XRP. He said:
“We’re focusing more on the features of Binance and are working with a number of other partners. There’s nothing going on right now between us and xRapid, but we would definitely want to add them as a partner.”
Launched last year, xRapid works by facilitating transfers in Ripple’s native token XRP, by converting fiat money first into XRP, then making a reverse conversion into the required local currency.
Three exchanges have already adopted xRapid
Ripple has already entered into a partnership with several cryptocurrency exchanges, including Bitstamp, Coins.ph, Bitso, and Bittrex. The partnership was aimed at increasing liquidity for xRapid. The exchanges joined Ripple in its mission to replace the current cross-border payment solutions. Financial institutions, which have an account with one of the aforementioned exchanges, can make payments via xRapid, according to Ripple.
In May last year, Ripple announced that companies piloting xRapid product saved approximately 40 to 70% on average compared to conventional cross-border payment services. The payments also settled in less than two minutes compared to three days from SWIFT.
Ripple has recently announced that it has partnered with over 200 financial institutions. A few days ago, Coindoo reported that one of the leading banks in the UK, Euro Exim Bank has integrated xRapid protocol. Exim becomes the world’s first bank to use xRapid to facilitate cross-border settlements.