Binance May Partner with Ripple in Future: Changpeng Zhao

By Swati Kishore

The famous CEO of the global crypto exchange Binance, Chanpeng Zhao, has reportedly said that Binance will likely partner with Ripple in future in an effort to boost the xRapid payment solution that is powered by Ripple’s native cryptocurrency XRP.

CZ revealed that while Binance and Ripple have not yet announced any future deals, however, Binance is most likely to integrate the xRapid technology.

In the interview, Zhao has also said that presently Binance is wholly focused on the impending launch of their decentralized exchange BinanceDEX as well as the Binance Chain.

Binance Chain aims to be a Binance-backed Blockchain network that will serve as the platform for the development of new digital coins.

Zhao explained on Binance’s potential partnership with Ripple,

“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.”

Interestingly, Ripple has already formed successful partnerships with top crypto exchanges (including Bitstamp, Bittrex, Coins.ph, and Bitso) in an effort to increase liquidity for the xRapid technology.

With the Ripple partnership, the exchanges will be able to facilitate the conversion of local currencies to XRP and subsequently allow financial institutions to send the XRP to another country. Thereafter, XRP is immediately converted into the recipient country’s native currency.

The complete transaction process takes only a couple of minutes to execute. The time frame in which the funds stay as XRP is only a couple of seconds.

The xRapid technology was built by Ripple to provide a regulatory compliant way for financial institutions to transact money without the need to park fiat currency in various banks across the world.

The Chief Market Strategist at Ripple, Cory Johnson, explained that Ripple’s digital currency exchange partners will pave the way for the worldwide deployment of the xRapid payment system. He explained,

“xRapid will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”