CoinField, the Canadian Crypto Exchange which is known to use XRP as its base currency. It had made a surprising announcement about the fact that it had gone live with as much as 20 trading pairs which stood against XRP on 1st of November, 2018.
CoinField was planning to include XRP as the base since 22nd of September, as per the report. CoinField had stated on Twitter:
“We’ve been evaluating the possibility of adding #XRP as the base currency for 30 direct crypto pairs along with USD, CAD, EUR, GBP, JPY & AED. Part of our expansion plan in 69 countries.”
November 1st witnessed another tweet by CoinField, the Vancouver-based company, that it was reachable to 61 countries and all of them had seen it go live.
“The platform is now live in 61 countries! Enjoy trading 20 #XRP based pairs as low as 0.05% commission fee. “
In a press release, CoinField had informed that it proposes 28 trading pairs crossing out six fiat currencies. The fiat currencies are US dollar (USD), Canadian dollar (CAD), Euro (EUR), Great Britain Pound Sterling (GBP) Japanese Yen (JPY) and UAE Dirham (AED). There are 29 trading pairs in the real, however. It had recently come to the highlights that the newly developed matching engine is “capable of making up to 75,000 trades per second, or up to 1.5 million API calls per second.”
CoinField has claimed to be “the first Canadian Cryptocurrency exchange to offer a complete API system to all traders to be used for trading strategies or innovative trading apps or bots.”
Last but not least, CoinField has been found to have the most exciting referral program. The traders who refer CoinField to other users and it is endowed with more customers, the referees with 10 XRP and a “25% commission going forward off every trading commission the newcomer transacts.”
CoinField’s CEO and co-founder, Babak Bob Ras commented about the launch dated 1st November:
“In a very short amount of time, XRP has proven itself to be one of the most reliable and most cost-efficient blockchain networks in the industry. By adding XRP as our base currency in all trading pairs, our users can move funds in and out of different exchanges or different wallets in a matter of seconds. We are directly benefiting our users with a stable, proven base. We are also introducing an extremely low fee schedule that can turn our platform into the preferred trading hub for traders around the world.”
Lately, Ripple has been doing well, acquiring the third position in the crypto verse. Ripple’s progress is also measured by the fact that it had episodes of conversation with SWIFT for partnership dealings which in implementation, would see XRP becoming a new highway for cross banking solutions. Not to forget XRP was the fastest transferable token in the Binance platform unless NANO took over.
The news of opening a new office in Dubai at the end of this year itself has been confirmed by Dilip Rao, Ripple’s Global Head of Infrastructure Innovation. Rao is of the opinion that Ripple is the only one which merges with the UAE to implement blockchain technology for varied reasons.
“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring to you.”
Rao next has a message to convey to the blue-collar workers too:
“If you want to send this money, particularly you’re not clear about what the fees are going to be that the bank is going to charge on the other end. And therefore, what you’ll receive might be substantially less than what you sent out. And if you’re sending money for blue collar workers, this often can be a small amount of money, $200, and the fees for these kinds of small payments can be as high as 5 to 10%. So this is actually hurting the people who can afford it the least.”
This new launch would bring about cost-effective solutions for the foreigners staying at UAE while sending money to their home country. Rao concludes:
“Our focus initially is on cross-border payments because we think that’s where there is the most friction. In this part of the world, there is a huge requirement for cross-border transactions. This will support the economy both within the region and the rest of the world.”
XRP now is trading at $0.52346 with an increasing market capitalization of $21.045 Billion. The prices have seen a hike of 13% in the last 24 hour period. The overall growth in the last 7 day period