Binance Adds 2 Trading Pairs With XRP As Base Currency: TRX/XRP & XZC/XRP

Siamak Masnavi

At 06:24 UTC on Monday (24 December 2018), crypto exchange Binance announced on Twitter that the exchange was launching two new trading pairs with XRP as the base/quote currency: TRX/XRP and XZC/XRP.

Here is the tweet:

Here is the text of Binance's announcement:

"Binance will add TRX/XRP and XZC/XRP trading pairs with XRP as the quote asset into the new Combined ALTS Trading Market (ALTS) at 2018/12/24 11:00 AM (UTC). The original ETH Trading Market (ETH) will be renamed into the ALTS Trading Market, to support more trading pairs with different quote currencies. Please note that ALTS does not represent a new coin or token. It is the symbol for Binance's new Combined ALTS Trading Market."

As you can, trading with these two new pairs is set to be enabled at 11:00 UTC on December 24th. 

As for an expnantion of the second part of the announcement, here it goes. Binance supports four types of base/quote currencies:

  • Bitcoin (BTC): the group of pairs that use Bitcoin as the base currency is referred to as "BTC Markets";
  • Ether (ETH): the group of pairs using ETH as base currency used to be called "ETC Markets", but since more base currencies, such as XRP are being introduced, it is being renamed to "ALTS Markets";
  • Binance Coin (BNB): the group of pairs that use BNB as the base currency is called "BNB Markets"; and
  • Stablecoins (USDT, TUSD, PAX, USDC): the group of pairs that use a supported stablecoin as the base currency is called "USDⓈ Markets".

XRP fans knew they were going to receive from Binance as a Christmas or New Year present something they had been wishing for all year when the Co-Founder and CEO of Binance, Changpeng Zhao ("CZ"), sent out the following tweet around 1.5 hours earlier (at 04:56 UTC):

As XRP fans were cheering CZ's tweet, they knew that "shortly" meant in the near future, but few suspected that it would be mean within the next few hours!

And in case you are wondering why CZ had chosen TRON (TRX) and Zcoin (XZC) as the first two cryptocurrencies to be supported, at 06:34 UTC, he sent out another tweet to explain that this was done "to thank TRX and XZC for supporting #Binance charity efforts."

At press time, according to data from CryptoCompare, XRP, the second most valuable cryptocurrency, is trading at $0.4343, up 16.34% in the past 24-hour period.

Featured Image Courtesy of Binance

QuadrigaCX Has Sent Its Remaining Crypto to 'Big Four' Ernst & Young

The embattled Canadian cryptocurrency exchange QuadrigaCX has recently sent the remaining cryptocurrency it had in its hot wallets to ‘big four’ auditor Ernst & Young, which has been monitoring the proceedings in its creditor protection case.

According to an official report Ernst & Young released called the “Second Report of the Monitor,” QuadrigaCX sent nearly all its cryptocurrency to the auditor on February 14, after conducting a few test transactions to make sure it wouldn’t send them to the wrong address.

In total, the cryptocurrency exchange transferred 51 bitcoin, 952 ether, 822 litecoin, 33 bitcoin cash, and 2,033 bitcoin gold to the auditor. At press time, these cryptocurrencies are worth little over $410,000, an amount Ernst & Young is set to “hold the cryptocurrency in cold storage pending further order of the Court.”

The test transaction QuadrigaCX has made are notable, as earlier a costly blunder saw it inadvertently transfer 103 BTC ($468,000) to its cold wallets. The exchange has been unable to access its funds in cold storage since its founder and CEO Gerald Cotten unexpectedly passed away in India.

Ernst & Young’s report has also given the exchange’s creditors updates on its fiat holdings. It notes there are thee main sources: a payment processor called Costodian that holder about $25 million CAD in bank drafts, Stewart McKelvey which holds about $5.8 million CAD in bank drafts, and other amounts held by various third-party processors.

Costodian has reportedly already transferred about $20 million CAD to Ernst & Young, but is holding onto the remainder, and has claimed QuadrigaCX owns it $778,000 CAD in processing fees.

$145 Million Locked Away

The Canadian cryptocurrency exchange, as mentioned above, has been locked out of its cold storage wallets since its founder and CEO passed away, as he managed the operation through his laptop.

His wife Jennifer Robertson has since filed an affidavit where she revealed Cotten was single-handedly managing the exchange’s transactions, and that after he passed away no one was able to do so. Since then, the Supreme Court of Nova Scotia has granted QuadrigaCX creditor protection, and appointed Canadian law firms Miller Thomson and Cox & Palmer to represent its customers in the upcoming proceedings.

As CryptoGlobe covered, QuadrigaCX has already run out of funds, and a look into Cotten’s way of managing the exchange in the past has suggested users’ funds can be stored in paper wallets. The exchange’s downfall has cost at least one cryptocurrency enthusiast his $420,000 life savings.

Notably, blockchain researchers have released data that suggests QuadrigaCX didn’t have any funds stored in cold wallet, and even found suspicious transactions to other exchanges, including Poloniex, Bitfinex, and ShapeShift.