In a press release, on March 12, the cryptocurrency exchange Binance announced that their official wallet, Trust Wallet, will now be extending support for XRP. The Press release also confirmed the addition of the facility for credit card purchases.
XRP is a digital asset tied to a blockchain ledger that’s used for cross-border payments. The digital asset is currently one of the most talked about cryptocurrency as the coin has a considerable market cap and is very sought after by investors. It has been a long-awaited coin for users of Binance’s official crypto wallet. Trust wallet presently extends its support to Bitcoin, Ethereum (and all ERC20 token), Litecoin and Bitcoin Cash. XRP support was added by US-based crypto exchange, Coinbase recently following which the addition by Trust Wallet was well anticipated. Also, the starting price of XRP is around USD 2.50, which is infinitely more affordable for average traders. Hence, experts predict a more significant boost for the coin.
The Ripple network is an open payment network for digital currency as well as a holding company. The company, launched in 2012, aims to create and enable a global system of financial institutions and banks to use Ripple software to lower the cost of international payments. This global network is called the “Internet of Value” and operates on the XRP ledger which is an open source product created by Ripple. Ripple allows a secure and cheap way to move money around swiftly and inexpensively for business and people.
Binance has risen to become one of the cryptocurrency industries’ biggest exchanges by trading volume and continues to lead the industry reporting record profits in 2018 despite the bear market for cryptocurrency prices.
Binance partnered with payment processing platform Simplex in January allowing users to purchase crypto with Visa and Mastercard credit or debit cards. Trust wallet users can now, similarly, have access to credit card purchases with the new update. This latest update is intended to benefit open-source development via the wallet. Binance, a few weeks ago, had launched “the first open-source, cross-platform cross-blockchain wallet library,” called Trust Wallet Core which shall allow developers to build their native decentralized applications and wallets. The initiative would enable independent developers to adopt new blockchains to the wallet, expanding its capability beyond current limitations to a great extent.