Binance Launches XRP Trading Pairs, Renames ETH Markets to 'ALTS'

Binance Launches XRP Trading Pairs, Renames ETH Markets to ‘ALTS’

On December 24th, Binance confirmed the addition of two XRP trading pairs as part of the exchange’s pivot to its new Combined ALTS Trading Market. As part of the shift, Binance’s ETH pairs will also now trade under Binance’s ALTS ticker. 

Also see: BCH Instant Payments on Avalanche, Forks and More With Amaury Sechet

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

Binance Adds Two XRP Pairs in ‘ALTS’ Shift

Upon a preliminary announcement from CEO Changpeng Zhao, Binance declared on Sunday it was adding XRP as a quote currency for two trading pairs and converting its ETH markets to a wider “ALTS” market, where the new XRP pairs would be placed as well.

The new XRP pairs — TRON (TRX/XRP) and Zcoin (XZC/XRP) — came after the two projects provided an unspecified amount of “support” for Binance’s backed charitable causes.

“We will prioritize adding more pairs for the projects that have donated to our charity,” Zhao noted on Twitter.

The new ALTS market is already in action. It’s ETH’s markets and two XRP pairs for now. Image via Binance

The Binance XRP trading pairs come on the heels of Coinbase announcing it was considering listing XRP among 30 other cryptocurrencies this month. It also comes after reports pegged the Ripple team as trying to offer financial incentives to Gemini and Coinbase for 2017 XRP listings.

As for Binance’s renaming of its ETH markets, CEO Zhao said the exchange was “[r]unning out of space on the UI.”

“Please note that ALTS does not represent a new coin or token,” Binance later explained in a blog post.

“It is the symbol for Binance’s new Combined ALTS Trading Market.”

The Nagging Securities Question

XRP and its creators Ripple have no shortage of skeptics in the cryptocurrency ecosystem.

Indeed, the a large storyline in the 2018 cryptoverse was Ripple trying to distance themselves from XRP, at times problematically, over apparent concerns about U.S. securities laws.

Namely, skeptics have argued the entire Ripple project is too centralized, which has paved the way for securities and “it’s not a cryptocurrency” concerns.

Where do Ripple and XRP go from here?

This past summer, U.S. Securities and Exchange official William Hinman suggested ether in its current state likely wasn’t a security, per U.S. laws.

In those same remarks, Hinman seemed to leave the door open, at least at the time, that XRP was a security in the U.S.

The Binance XRP trading pairs is objectively practical news for the Ripple community. But one wonders if the verdict is still out for how America’s top financial regulators could approach Ripple.

Still, if anything’s clear, Ripple’s not going to back down without a fight.

What’s your take? Do you think XRP trading pairs on cryptocurrency exchanges are in-bounds or oxymoronic? Let us know in the comments section below. 

Images via Binance, Pixabay

Related News