Ripple seems to be growing exponentially following its several partnerships with multiple payment giants across the globe. Recently, Morgan Creek Digital’s Anthony Pompliano aka Pomp had Brad Garlinghouse on his podcast where he elaborated on the latest developments in Ripple as well XRP ecosystem.
Garlinghouse detailed how the third-largest cryptocurrency by market cap, XRP was never seen as a competition to Bitcoin as XRP was originally expected to become Bitcoin 2.0. He further elaborated on the same and said,
“There’s going to be multiple winners in this space. The Internet and the marketplace will take care of that competition.”
Garlinghouse asserted his support for the king coin by saying that he “longs Bitcoin,” however, he was skeptical about Bitcoin being a payments network. He further attributed his statement to the king coin’s transaction time and costs along with its scalability issues. He further went on to say that Ripple decided to use XRP due to its fast and cost-efficient transactions.
Furthermore, he pointed out how all Ripple products didn’t use XRP even though the firm holds about 55% of the total supply. Garlinghouse said,
“We are focused on solving the customer’s problem even if that meant that we were using Bitcoin to solve it. So we made the product flexible enough that it would use the most efficient rail.”
Garlinghouse further revealed that he wishes for several other crypto projects to succeed as it would pose beneficial to Ripple’s business. He concluded by saying,
“We keep on breaking down those (crypto adoption) walls and dispelling the idea that crypto is inherently somehow used for illicit purposes. Ripple talking about real use cases, solving real problems and having real utility, which I think is good for the whole industry.”
Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings
Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.
Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.
Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.
Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.
Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”