Cryptocurrency exchange Binance added XRP as its eighth quote asset today, with the first trading pairs going to projects that donated towards the company’s charity appeal.
This means XRP will now be used as a primary asset used to buy other listed cryptocurrencies. Although some minor exchanges have already paired XRP with fiat or other altcoins, these mark the first such listings on a top exchange.
Although the first ‘flippening‘ took place in late September, it was only last month that XRP solidified its position as the second largest cryptocurrency by market capitalization, overtaking Ethereum (ETH). It currently has a market cap just shy of $18bn.
A Binance spokesman told Crypto Briefing this had partly been why they had made it the latest quote asset: “XRP is the second largest crypto by market cap now – second only to Bitcoin. It’s a popular coin that has been on our radar.”
There are currently more than 400 digital assets listed on Binance, but only TRON (TRX) and Zcoin (XZC) will have trading pairs with XRP. These two projects reportedly donated towards Binance’s charity efforts. According to Binance’s CEO and founder, Changpeng Zhao – commonly known as CZ – projects which supported the charity would be prioritized for new trading pairs with XRP.
We would like to thank TRX and XZC for supporting #Binance charity efforts.
Enjoy the holidays! https://t.co/UurNGLPk5Q
— CZ Binance (@cz_binance) December 24, 2018
The Blockchain Charity Foundation (BCF) was set up by Binance in July this year, with the goal of using blockchain technology to better improve philanthropy and ensure that donated funds go to the intended charities. The BCF supports a wide range of causes, including restoration work in a Ugandan province – which suffered from extreme flooding – and a Maltese charity supporting various initiatives in the country.
XRP Market Cap Too High To Ignore
XRP is a remittance and settlement token designed to facilitate rapid and secure cross-border transactions between banks. It is one of the fastest cryptocurrencies, completing speed trials in around nine seconds in tests in October.
Today’s news makes XRP the eighth quote asset on Binance, following BTC, ETH, Binance Coin and several stablecoins. It will become part of the exchange’s new ‘Alt Markets’ section; formerly known as ‘Eth markets.’ The other new section is the USD market, which will include the four featured stablecoins.
The author is invested in digital assets, including BTC and ETH which are mentioned in this article.