FXChoice has no plans on expanding use for XRP - Ripple News. Sunday, October 7th
FXChoice has no plans on expanding use for Ripple’s XRP
Deposits and withdrawal are going to be the only services offered by the forex exchange
About a week ago, it was known that Belize-based forex exchange FXChoice had added Ripple’s XRP coin to its trading platform. Deposits and withdrawals with this cryptocurrency became available for its traders, who now have the opportunity to enter the crypto market through a familiar platform.
However, that seems to be the only things this trading platform is offering to its user base, at least for now. A Reddit user – BoyAndHisBlob – submitted a question to the customer support of FXChoice, in which he asked them whether they would be planning on extending the use of the cryptocurrency associated with the aforementioned blockchain payment protocol. “Are there plans to use XRP as a bridge currency or is it only going to be used for deposits and withdrawls?” was his question.
Shortly after, he received a response from the platform. “Thank you for contacting us. We offer and will continue offering XRP ONLY as a funding method for deposits and withdrawals meaning that XRP is just an cryptocurrency we are sending/receiving via RippleNet Ledger (same for example as for Bitcoin's Blockchain).”
The reason for this decision is that since no banking institution was involved in their operations, as no conversion is carried out on or by the platform, there was no need for them to implement any additional Ripple product.
No xRapid needed
It is likely that they were referring to cross-border payment solution xRapid, as it is the latest product released by the San Francisco-based blockchain startup, and has been causing buzz on the crypto community and the financial sector due to its promise of speeding up transactions between foreign currencies overseas.
But, considering the answer they gave to the Reddit user, that product (and by extension, any other solution provided by Ripple as a company) is not contemplated for adoption in this platform, at least for the time being.
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
XRP Leads Market Recovery, Surges By 11% And Leaves Ethereum ETH In The Wind
XRP Market Cap Could Be Overvalued By $6 Billion
XRP Deep In Red As Battle With ETH For No.2 Spot Continues
XRP Price Still Dropping, $0.30 Possible
XRP Price Begins Soaring - Gets Back Above $0.35
XRP Price Hit The Least Among Top Cryptocurrencies
You need to login to create comments.