KuCoin Adds Eight XRP Trading Pairs, Falls Short of Making It a Quote Currency

  • Cryptoasset exchange, KuCoin, will start supporting XRP trading.
  • Although the exchange added various trading pairs with it, it didn't add the crypto as a quote currency.

Singapore-based digital asset exchange KuCoin has announced that it will be adding the XRP cryptocurrency (developed by American fintech firm Ripple Labs) to its trading platform.

New XRP Trading Pairs Announced

As mentioned on KuCoin’s official blog post, the following trading pairs will be available on its exchange: XRP/BTC, XRP/USDT, XRP/ ETH, XRP/PAX XRP/ TUSD, XRP/USDC, XRP/KCS and XRP/NEO.

KuCoin’s management team also noted that all deposits would be immediately available. Additionally, the schedule for XRP orders on KuCoin will be as follows:

  • “Buying order: 17:30 December 03, 2018 (UTC+8)”,
  • “Selling order: 18:00 December 03, 2018 (UTC+8)”,
  • “Withdrawal: 18:00 December 05, 2018 (UTC+8)”

Despite the new additions, XRP is seemingly not a quote currency on KuCoin, which has taken an innovative approach in the sector as it added NEO, and PAX quote currencies on its platform.

99% Discount On Trading Fees

For a limited time period, KuCoin exchange users will receive a “99% discount” on trading fees for all transactions involving XRP trading pairs. This will be effective starting December 3 (at 18:00) to “December 10th, 23:59, 2018 (UTC+8).”

As CryptoGlobe reported in mid-November, KuCoin’s development team managed to raise $20 million through a Series A funding round - which was led by IDG Capital, Neo Global Capital, and Matrix Partners.

The funds raised will reportedly be used by KuCoin’s developers to help launch the “KuCoin platform 2.0” - which will incorporate new features, including upgrades APIs, stop orders, and a special tool that will allow its customers to trade small amounts for the platform’s native token, KuCoin Shares (KCS).

Expanding Operations Globally

Moreover, the funds will be used to recruit more customer service representatives - in order to improve traders’ experience on the KuCoin exchange. Notably, KuCoin’s management is also planning to further expand its operations to other locations.

Currently, KuCoin has offices in Singapore, Hong Kong, Thailand, the Philippines, and China. Commenting on the company’s expansion plans, Michael Gan, KuCoin’s CEO, said (last month):

The combined forces of IDG Capital, Matrix Partners, and Neo Global Capital will help Kucoin grow substantially, expand understanding and adoption of cryptocurrency for millions of potential users, and help these users more efficiently find the best products available in the crypto-world no matter where on the planet they may exist.