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.

Binance ‘Unknowingly’ Earns $775K via Staking, Set to Launch Huge XLM Giveaway

On Thursday (July 18), Binance, the world's largest cryptoasset exchange (by adjusted trading volume), made a rather interesting announcement: it had "unknowingly" earned 9.5 million Stellar Lumen (XLM) tokens through staking rewards, and it is going to give all of it away to all Binance users who maintain XLM balances between July 20 and September 1.

Binance explained via a blog post that in August 2018 the Binance team followed the advice of the Stellar Development Foundation "to change some parameters on both cold and hot wallets," which resulted in the exchange "unknowingly" earning staking rewards for its XLM holdings since 31 August 2018.

Then, this week, while the Binance team was considering the idea of adding support for XLM staking, it found out that Binance had earned around 9.5 million XLM tokens (each of which was worth approximately $0.08157 at the time). Binance notes that all "weekly staking rewards between then and now are documented on the blockchain." 

So, the team made two decisions:

  • add support for XLM staking to Binance.com; and
  • give away the aforementioned staking rewards to the Binance community (i.e. Binance users).

This is not the first time that Binance has added staking support to Binance.com. The exchange already "distributes NeoGas for NEO holders, Ontology Gas for Ontology holders, VTHO for VeChain holders, and BitTorrent tokens for TRON tokens."

Here is how this 9.5 million XLM giveaway is going to happen.

From July 20, Binance will support XLM staking. Between this date and September 1, Binance will take "daily snapshots" of XLM balances in Binance user accounts.

Then, on September 1, Binance will "tally average user XLM balances based on these snapshots," and process the distribution of staking rewards to these user accounts (that maintained XLM balances during the staking period). Furthermore, the roughly 9.5 million XLM tokens that Binance has unknowingly earned to date will be distributed as a bonus payment to all Binance users who jave maintained non-zero XLM balances since July 20. 

Binance says in its blog post that it estimates this "one-time distribution of 9,500,000 XLM shared proportionately among Binance users" to be worth "10 to 12 months of typical monthly rewards."

According to a support article published on July 18, here are the details of Binance's "Monthly XLM Staking Airdrop Program":

  • Binance will start these daily XLM balance snapshots at 00:00 (UTC) on 20 July 2019.
  • This is how Binance will calculate the XLM staking distribution:

XLM generated by each user = Total XLM staking rewards received by Binance * User XLM holdings ratio. User XLM holdings ratio = User XLM holdings / Total XLM staked by Binance.

  •  In order to qualify for XLM staking rewards, Binance users must have a balance of at least 10 XLM.
  • This initial distribution of XLM staking rewards will be calculated until 1 September 2019, "with the total amount distributed equal to the staking rewards accrued on holdings during the 43 day period."
  • These XLM staking rewards are calculated on a daily basis and are distributed monthly. 
  • XLM distrubutions will be "completed before the 5th of each month."

In other Binance news, another support article explained that Binance's Margin Trading platform has added support for two margin assets (EOS and LINK), three borrowable assets (BNB, EOS, and LINK), and three margin pairs (EOS/USDT, EOS/BTC, LINK/USDT, LINKBTC).

Binance's announcement about its 9.5 million XLM giveaway may have helped the XLM price. According to CryptoCompare, XLM is currently trading at $0.08914, up 7.96% in the past 24-hour period:

XLM-USD 24-Hour Chart on 18 July 2019.png

Featured Image Courtesy of Binance