Changpeng Zhao Reveals Binance's Plan To Implement xRapid
Binance will “definitely” work with Ripple and implement its xRapid payment solution, Changpeng Zhao, the head of the crypto exchange, stated. The negotiations have just begun, and companies have not specified the dates and other details yet, The Daily HODL reports.
According to Zhao, in the nearest time his company will focus on Binance Chain — Binance's own blockchain network. For these purposes, the exchange will partner with other companies, but the Ripple’s turn has not come yet. However, Binance is likely to start cooperating with the company and will use xRapid technology in the future, the head of the exchange added.
The xRapid blockchain-based payment system allows its participants to make quick transfers at low costs, and does not require opening an account, unlike traditional banks. The system also can convert national currencies into the XRP tokens, the native currency of the system.
The commercial version of xRapid was introduced to banks and other institutions in October 2018. The solution was tested by Bittrex (USA), Bitso (Mexico), and Coins.Ph (Philippines).
According to reviews of the financial companies MercuryFX and Cuallix, the Ripple’s payment system saves up to 70% of the funds spent on the transfer, and each transaction takes less than few minutes.
In a pre-New Year letter to users, Changpeng Zhao promised to lead the industry forward in 2019. One points of the grand plan was the launch of Binance Chain, where transactions will take no more than a second. The head of the exchange scheduled its roll-out for February.
Previously, Zhao expressed confidence that Amazon would launch its own token.