Blockchain payments provider Ripple has announced the expansion of its partnership with BitGo to list XRP on several leading digital asset exchanges: Bitso, Coinone, bitbank, and SCI’s BuyBitcoin. Additionally, AlphaPoint will be adding XRP to their platform so that their exchange customers can list XRP, and separately, Quoine’s QRYPTO exchange will list XRP in Q2 2017. SBI Virtual Currencies also plans to list XRP later this year.
By working with a greater number of exchanges across different countries to list XRP, Ripple can position itself to better serve the growing demand for global payments in both major currency corridors and emerging markets. The more XRP is traded against different currencies, such as the Korean won (on Coinone) and the Mexican peso (on Bitso), the more liquid it becomes.
Asheesh Birla, VP of Product at Ripple, said: “Listing XRP on several new exchanges reduces the friction for our customers to send payments into these rapidly growing markets. Within hours our customers can get-up-and-running with payments into a new country.”
As XRP liquidity increases through these additional exchange listings, cross-border payments become easier for financial institutions to make, particularly in emerging markets. This is crucial because making payments in many emerging market currencies can be costly: it requires multiple currency traders and pre-funded local currency accounts in the destination country . Instead, payment providers and banks can use XRP to settle these payments on demand, and in a highly liquid and low volatility state, XRP could lower liquidity costs for banks by approximately 98 percent.
Co-founder & CEO of BitGo, Mike Belshe added: “Ripple’s momentum in making cross-border payments a reality with XRP is palpable. We’re excited to be working with leaders such as Ripple, and we’re proud to have been selected by them to help other exchanges and their users secure XRP. We expect 2017 will be a very strong year for the digital asset.”
The ongoing collaboration with BitGo and these new exchanges will allow Ripple to provide cross border solutions and builds on the momentum established by XRP’s previous listings on Bitstamp and Kraken.