Shaurya Malwa · 1 day ago · 3 min read
The first fully XRP-based exchange, called XRP United, launched on Tuesday and is now live.
The First Full XRP Based Exchange now LIVE
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) October 23, 2018
A video posted by Twitter user @bankXRP teases the capabilities of the new exchange, claiming transaction settlement times of four seconds to anywhere in the world. The only fiat currency traded on XRP United currently is the Euro, and exchange pairs are limited to BTC/XRP, ETH/XRP, and BCH/XRP. An XMR/XRP pair will reportedly be added down the line following the integration of a Monero wallet.
XRP United appears to still be in the “test drive” phase without many users, but screenshots posted by @bankXRP appear to show that trading is live. A Discord community was also created at launch, and at the time of writing has 427 members.
According to the exchange’s creator, the company is based and licensed in Estonia. A badge and license number from the Estonian Financial Intelligence Unit on the website appear to back this up. The exchange is filed under parent company Xrp United Oü with the Estonian government.
XRP United’s creator stated in a post on the XRPchat forum that this was a project months in the making:
“We are a small international team, company is based in Estonia and we are indeed a licensed and regulated entity. The only fiat currency we operate at the moment is euros in and out, but plans are to expand from here to how knows where. We’re starting with small amount of XRP pairs and grow it up from there.”
They went on to add,
“[Our] Goal is in [the launch video], to be in the middle of everything. We have kept quiet and worked on the background all these months, following closely this forum and our community.”
Vying to Become the Standard
XRP United is the latest push by proponents of Ripple Labs’ cryptocurrency toward international adoption. Ripple already has banks and financial institutions using its RippleNet suite of products, and commercially launched its cross-border payment system XRapid at the beginning of October.
Supporters of XRP use the tag #xrpthestandard, and the company’s strategy mirrors that sentiment. Ripple is making every effort to place XRP and RippleNet in the top spot as the new “standard” for international transactions.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
Join now for $19/month Explore all benefits