On Friday (10 August 2018), rating agency Weiss Ratings declared XRP to be “the fastest digital asset to transfer funds between exchanges”.
It ll started on 9 August 2018 with a plea from an XRP fan on Twitter (user “@C3_Nik”) to Binance CEO, Changpeng “CZ” Zhao, to make XRP a base currency on Binance:
Please do it @cz_binance !
— C3|Nik (@C3_Nik) August 9, 2018
Needless to say, this tweet received an enormous amount of support from other XRP fans: at press time, 1226 retweets and 1,476 likes.
Here were some of the more interesting replies to this tweet:
We're on @Binance, too. With #XRP as a base we would use this exchange a lot more. XRP is great for shipping your currencies around, cheap & fast. Perfect base. We avoid BTC when we can, the fees are ridiculous. BTC is a collector's item, XRP is the best bridge. Love that coin.
— Crypto Couple (@coupleofcrypto) August 9, 2018
With almost every other exchange converting their systems to accept XRP as a base asset Binance must follow in order to stay relevant to the markets evolution. XRP is fast and extremely cheap therefor, is more attractive to use for investors wanting to move money. #xrp
— XPRING SITH (@Xpring_Sith) August 10, 2018
Now, let’s look at what led to Weiss Ratings’ declaration of XRP as the best way to move funds between crypto exchanges.
On 20 July 2018, they conducted a poll on Twitter to ask the crypto community which cryptocurrency (“Ethereum”, “XRP”, “Bitcoin”, or “Other”) they thought was the “best for moving funds between exchanges”:
Which is best for moving funds between exchanges?
— Weiss Ratings (@WeissRatings) July 20, 2018
As you can see, the result was not even close: 78% voted for XRP.
This result convinced Juan Villaverde, who is the lead economist/mathematician in Weiss’s cryptocurrency team, to try using XRP for this purpose. On 9 August 2018, Villaverde used the following tweet to express how he impressed he was with XRP:
Juan Villaverde to XRP community: “Thanks, guys! You’ve convinced me. I now use XRP myself to move money between exchanges. No wait for confirmations. Really fast.” #XRParmy #XRPthestandard #XRP #crypto #cryptocurrency
— Weiss Ratings (@WeissRatings) August 9, 2018
And then yesterday, Weiss Ratings, sent out the following tweet to explain why crypto exchanges such as Binance should offer XRP as a base currency:
We think that the #XRP is the fastest digital asset to transfer funds between exchanges. It only makes sense for #Binance to use it as the base #currency – why should one have to go through an intermediary currency to trade? #crypto #btc #altcoins
— Weiss Ratings (@WeissRatings) August 10, 2018
Last month, Singapore-based Bitrue became the first crypto exchange to offer XRP as a base currency. Also, as covered here on CryptoGlobe, on 30 July 2018, Californian staartup DCEX announced that its upcoming digital asset exchange would be exclusively using XRP as the base currency.
Featured Image Credit: Image Courtesy of Weiss Ratings