XRP Transactions Trigger New Rumors of Partnership Between Binance and Ripple
XRP investors say evidence of a partnership between Ripple and the crypto exchange Binance may be emerging.
Back in February, CEO Changpeng Zhao said Binance will “definitely” partner with the San Francisco startup in the future to support the company’s XRP-powered cross-border payment solution called On-Demand Liquidity (ODL).
ODL is designed to give banks and financial institutions a legally-compliant way to send money overseas using XRP as a bridge currency.
It relies on crypto exchanges, which can accept fiat and send the equivalent value in XRP to a corresponding exchange in another country, where it’s converted right back to fiat.
Now, members of the XRP community say a tracking tool designed to detect ODL volume has discovered a number of possible ODL transactions involving the Russian ruble.
They’re linking the new transactions to Binance, which launched support for the ruble back in October.
“It’s evidence that Binance will take a role as an ODL exchange. It will dynamite the volume. More volume means more benefits for Binance.
Good job @cz_binance. Russian corridor is open since this morning.”
So far, Zhao has not responded to requests for comment.
Ripple has publicly announced partnerships with the crypto exchanges Bittrex, Bitso, Coins.ph and Bitstamp to boost liquidity for ODL.