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.

Facebook and Amazon Stock Hit New Highs as Stock Market Outperforms Economy

The price of Facebook (NASDAQ: FB) and Amazon (NASDAQ: AMZN) stock hit a new all-time high amid the coronavirus pandemic, as the stock market has been outperforming the economy.

According to available data, Facebook stock is now trading above $230 marking a new all-time high for the social media giant. Its positive performance comes shortly after it launched Facebook Shops, a platform that makes it easier for small businesses to sell to its billions of users amid the coronavirus crisis.

Speaking to CNBC Todd Gordon, managing director at Ascent Wealth Partners, said FB stock has been having a “very impressive” performance, noting that Facebook’s move up is “pretty spectacular.”

FB stock chartSource: Google

Facebook Shops gives the social media giant a new source of revenue, at a time in which advertisers are spending less because of the crisis. It comes as the deadline to launch the Libra cryptocurrency project approaches.

Amazon has been managing to outperform Facebook, however, as the e-commerce giant recently hit a new all-time high close to the $2,500 mark. AMZN stock dipped shortly after hitting it but has since recovered, and ahead of the opening bell is at $2,451.

The e-commerce giant’s performance comes after it reported gains in the first quarter of the year amid the coronavirus outbreak, as demand went up. It further announced it will be using all of its second-quarter earnings, of around $4 billion, in response to the crisis.

Amazon Stock price chartSource: Google

Stock Market Outperforms Economy

Other blue-chip stocks have been performing rather well, despite the toll the pandemic has taken on the global economy. According to Yahoo Finance, data from April included dismal jobs numbers and poor retail numbers, which led economists to lower their economic growth forecasts.

This month Goldman Sachs cut its GDP forecasts and warned the unemployment rate in the United States will reach 25%, while Credit Suisse economists warned a “longer growth slump will outlast fiscal relief.”

Economists from Bank of America said that the recession will be “unlike anything we have seen in modern history,” after claiming GDP in the second quarter of the year would fall at a 40% rate. Large firms in the S&P 500 index have, however, posted better results than expected.

Credit Suisse’s Jonathan Golub was quoted as saying:

  • Although aggregate earnings are beating estimates by +2.6%, ex-Financials, earnings are surpassing expectations by +7.1%, with 65% of companies exceeding their lowered projections.

These better than-expected-results help, according to some analysts, explain the rise in the stock markets.

Featured image by Markus Spiske on Unsplash