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The Weiss Ratings firm – that was founded in 1971 – prides itself as being one of America’s leading provider of independent, unbiased, trusted ratings of Stocks, Mutual Funds, Cryptocurrencies, ETFs and financial institutions. The firm recently held a Twitter poll asking users which was the best digital asset to move funds between exchanges. XRP emerged victorious in a list that included Bitcoin (BTC) and Ethereum (ETH). The full poll can be seen below.

With 78% of the 7,598 poll respondents picking XRP, the corresponding XRP community went on to list reasons as to why XRP should be added as a base currency on Binance. They did so by replying to the twitter post above. The reasons were as follows:

  • It would help Binance for it is faster (3.3 sec) and cheaper ($0.0004)
  • A base currency of XRP would bring in more users to the exchange
  • XRP is the fastest digital asset to transfer funds between exchanges
  • Other exchanges are continually warming up to XRP as a base currency
  • XRP would attract the big money movers – also known as whales – who’d increase the trade volume of the exchange: a win-win situation
  • It is the natural and progressive thing to do given the popularity of XRP

It is with this background, that the Weiss Ratings firm has then agreed with the XRP community via posting a tweet as follows:

“We think that the #XRP is the fastest digital asset to transfer funds between exchanges. It only makes sense for #Binance to use it as the base #currency – why should one have to go through an intermediary currency to trade? #crypto #btc #altcoins”

Binance currently has base currencies of Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and Tether (USDT). An addition of XRP as a base currency would go on to add to the diverse options traders have on the exchange. XRP would allow for funds to be moved faster between exchanges into Binance thereby providing a win-win situation for both sides of the argument. In the case of Binance, it would mean more business through high trade volume.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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The post Here Is Why Even Weiss Ratings Wants XRP as a Base Currency on Binance appeared first on Global Coin Report.

Read more at https://globalcoinreport.com/here-is-why-even-weiss-ratings-wants-xrp-as-a-base-currency-on-binance/

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