Weiss Ratings Considers XRP As Ideal Basic Cryptocurrency For Binance
Weiss Ratings, an independent rating firm for stocks and possibly the only rating agency for cryptocurrencies, mutual funds, crypto-currencies, ETFs and financial institutions, said last week that it considers the Ripple XRP to be the fastest cryptocurrency for transferring funds between exchanges and the ideal basic cryptocurrency for Binance, a popular trading and investment platform in the world.
Binance is not the only platform that has decided to adopt the XRP standard. Earlier this month, AlphaPoint, a financial technology company that helps companies access the blockchain and make illiquid assets liquid, announced that it has set in motion the launch of DCEX (the next generation digital currency) for retail and institutional investors. Thus, AlphaPoint is the first exchange to have XRP as its exclusive basic cryptocurrency.
AlphaPoint notes that the XRP protocol allowed them to develop an exchange with strong liquidity and a fast execution time for high-frequency trading, which supports arbitrage transactions between currency pairs on different exchanges.
Over-the-counter financial firms also started using XRP. Arrington XRP Capital, a cryptocurrency hedge fund led by technical analyst Michael Arrington, sees XRP as a stable alternative to many other volatile digital currencies, making it an ideal denominator for a hedge fund.
Nevertheless, it is interesting to note that XRP is only 3-4% of Arrington’s portfolio of assets of $ 100 million. Instead, the firm’s main assets are in Bitcoin and Ethereum (ETH).
XRP currently occupies the third place in the AltDex 100 index (ALT100), the base index for cryptocurrencies and tokens with large capitalization.