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.
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