Binance CEO Changpeng Zhao says the leading encryption exchange will "definitely" work with Ripple to increase its XRP-powered payment solution xRapid.
So far, Zhao says the two companies have not yet begun to hamper the details and, for the near future, Binance is still focused on launching Binance Chain and the upcoming decentralized BinanceDEX exchange.
"We are focused on launching more features right now, so we work with a number of other partners. With xRapid, nothing is happening right now, but in the future we will definitely add them as a partner."
Ripple has already collaborated with cryptobytes Bittrex, Bitso, Coins.ph and Bitstamp to increase the liquidity of xRapid. The exchanges will allow financial institutions to convert their local currency to XRP and send the digital asset to another country, where it is immediately converted back to fiat.
The process is designed to take a couple of minutes from start to finish, with the time in which the funds are in the XRP limited to a few seconds.
Ripple developed xRapid to be a proper way for international companies to move money without having to park fiat on bank accounts around the world. 1
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