Bittrex, Bitso, and Coins.ph Endorsed By Ripple as Preferred Crypto Exchanges for XRP Payments
Cryptocurrency company Ripple announced yesterday that it has chosen three cryptocurrency exchanges as its preferred partners for transactions with its xRapid payment service.
Cryptocurrency company Ripple announced yesterday that it has chosen three cryptocurrency exchanges as its preferred partners for transactions with its xRapid payment service, which makes use of its XRP cryptocurrency.
The firm announced that Bittrex, Bitso, and Coins.ph have been endorsed as Ripple’s preferred cryptocurrency exchanges. This is part of Ripple’s efforts to build out its XRP ecosystem.
Bittrex, Bitso, and Coins.ph to serve U.S, Mexico, and the Philippines
Cory Johnson, Ripple’s chief markets strategist talked to Coinbase about it. He noted that the company is basically encouraging its clients in the U.S., Mexico and the Philippines to use those exchanges respectively.
He encouraged them to use those exchanges for sending funds using its xRapid service.
During the interview, Johnson stated:
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 further added that there is a need for the financial institutions to accounts with the exchanges to convert U.S. dollars, Mexican or Philippine pesos.
Their high volume of XRP tokens was the reason why the three exchanges were selected. This enables them to provide a higher level of liquidity.
There’s a whole bunch of companies around the world that are using XRP and what we’re doing is identifying three other [exchanges] that have a lot of XRP liquidity and steering more liquidity their way.
More exchanges will follow
Ripple has only endorsed three cryptocurrency exchanges at the moment. Johnson, however, pointed out that more names will soon follow.
He stated that:
The corridors we’re focused on [are] organic … we want to focus on busy corridors. We want to focus on places where there’s a very vibrant XRP marketplace, and we want to focus on places where we can have the most value.
He further stated that Ripple needs to decide where these places would be. He pointed out that Taiwan and the Philippines see large volumes of trading compared to other international corridors.
This means that Ripple could focus more attention on those countries than others.