CEO Binance Chanpen Zhao said that XRP will become the base currency for cryptocurrency platform.
The base currency represents an asset which is traded against the quote currency. In such pairs, the rate is determined by the amount of the quoted currency per unit of base. Now on the platform Binance underlying currencies are USDT, BTC, ETH and BNB. Against each other supported altcoins are traded.
Zhao refused to say which coins will be traded in a pair of XRP, and when the changes will take effect.
At the moment, XRP is the second-largest cryptocurrency by market capitalization after bitcoin. Binance, the largest cryptocurrency exchange in terms of trade. Adding to the platform XRP as base currency is a significant step for both parties, positive impact on the overall level of stability in the cryptocurrency market.
Bitcoin continues to dominate the cryptocurrency sphere. With a market capitalization of $74.4 billion on BTC accounts for 51% of the total market. For comparison, the XRP with a market capitalization of $17 billion controls 12% of the market.
