Singapore-based digital asset exchange Bitrue has had success by putting digital asset XRP at the heart of its trading platform. The asset will be used by Ripple’s payment network to enable low-cost cross-border transactions on the same day. Bitrue believes that the growing utility of XRP among businesses and individuals will bring more users to exchange.
“For a blockchain project to be successful, it has to be practical and scalable,” said Curis Wang, co-founder and CEO. “XRP’s role in solving cross-border payment issues is a perfect use case that will drive growth. That’s why Bitrue decided to make it the central asset of our exchange. Additionally, our connection to the highly dedicated XRP community sets us apart from the thousands of other exchanges that exist. “
Wang first discovered XRP at a FinTech conference and immediately saw its value as a much-needed solution to the problem of slow and expensive global payments. Making Bitrue an XRP-centric exchange had the potential to turn the business into more than just a simple trading platform. The company just had to convince users to trust them.
“I believed that by focusing on XRP, Bitrue could become part of a larger ecosystem based on global payments,” Wang said. “It wasn’t a typical digital asset exchange strategy and I had to work hard to convince our team that it was the right idea. Convincing customers to use our platform was an even tougher challenge. “
How the Active XRP community promotes Exchange traffic
Evidence that more and more people are using on-demand liquidity to make cross-border transactions more efficient helped Wang convince the Bitrue team to focus the platform on XRP. Earning user trust was less easy until Curis started digging into the XRP community.
“The use case of XRP makes it both practical and scalable, so it made sense for our company to focus on it,” recalls Wang. “We also got to know the XRP community. When they saw how much we supported XRP, the community welcomed Bitrue. They are extremely active and supportive. We recently ran a Twitter poll to find out which assets to pair with XRP and we had thousands of responses. “
At the end of 2019, Bitrue exchanged 77 XRP pairs. “We also introduced digital asset-backed loans that allow people to use their XRP as collateral to borrow our assets like bitcoin, ether or a stable coin like tether,” added Wang.
Become part of the XRP community
Bitrue is pleased to maintain an XRP-centric platform. As businesses and individuals around the world continue to use XRP for cross-border payments, the company expects transaction volume to increase on its exchange platform as well.
“As more people turn to on-demand liquidity to get faster, cheaper global payments, Bitrue will grow as the use of XRP increases,” concluded Wang. “We took the opportunity to focus our platform on the asset and now benefit from being a fully integrated part of the XRP community.”
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