Binance Adds USDC Trading Pairs; XRP And XLM Get New Liquidity
Binance just announced that it would add a few new USD Coin pairs. Both Ripple’s XRP and Stellar (XLM) will have USD Coin pairs besides the existing stablecoin pairs. This involves canceling any trades that exist in the current two USDC markets: USDC/BNB and BTC/USDC.
Binance addressed the existing trades in tangential markets:
“Please note: The existing USDC/BNB and USDC/BTC trading pairs will be removed and delisted at 2018/12/16 03:00 AM (UTC). All existing orders in each order book will also be canceled at this time.”
XRP and XLM get new liquidity
Both XRP and XLM have been already listed against PAX, USDT, and TrueUSD. Now, they are going to have an additional fiat trading pair in USDC. Currently, both coins are a really long way from their all-time high.
These two coins basically started with similar technologies, but the Stellar project prefers to see itself as a peer-to-peer payment protocol. Ripple prefers to keep its focus on bank-to-bank and institutional money movements across borders while closing the gaps that are currently present in the financial world.
These kinds of frictions have been created using intermediary banks and more but with the birth of the blockchain technology they can be eliminated.
#Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens. @cz_binance @ForbesAsia #ForbesBlockchain pic.twitter.com/0pc0r1lXd2
— Binance (@binance) December 4, 2018
Binance launched its own blockchain
In other news, in a brand new post on Medium, Binance announ ced the migration of its digital asset Binance Coin (BNB) from the Ethereum network to its own blockchain, Binance Chain.
Binance announced that “details on when Binance Coin will transition from ERC20 token to native Binance Chain asset will be revealed soon.”
Binance said that the new blockchain would also support Binance DEX, the decentralized exchange that is currently in the works.
Binance CEO Changpeng Zhao still believes that Ethereum is just too slow for mass adoption.
“While this criticism has long been leveled at Ethereum, CZ says any blockchain designed for general smart contracts (as the current competitors are) won’t be swift enough,” Zhao told Fortune back in August.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.