With the cryptocurrency market undergoing an unprecedented shift in the prices, many critics of the space are predicting the advent of the infamous bear run. After Bitcoin [BTC]’s crash below the $4000 market, many altcoins followed suit with the charts displaying a red spread.
In midst of the price crash, XRP has received some reprieve with its addition on the Gibraltar Stock Exchange [GSX] owned GBX-DAX [Gibraltar Blockchain Exchange-Digital Asset Exchange]. The addition comes in the wake of XRP’s slip from its number 3 position on the chart and ceding it to Ethereum [ETH]. XRP will be traded as five different pairs: XRP/USD, XRP/EUR, XRP/GBP, XRP/ETH, and XRP/BTC. The announcement by the exchange stated:
“We’re excited to announce that @Ripple’s $XRP is now listed on the #GBXDAX, the world’s first regulated and insured Digital Asset Exchange, owned by an EU Stock Exchange. #CryptoHarbour”
In an official circular, GBX-DAX said that XRP will be the first of a roster of new digital assets to be added on the platform. The organization has also revealed that it has gained approval from the Gibraltar Financial Services Commission [GFSC], a development that has led XRP to be added on the institutional grade cryptocurrency exchange.
Nick Cowan, the Chief Executive Officer of the GSX talked about XRP’s listing, saying:
“Ripple needs no introduction; it is one of the top contenders within the growing blockchain industry. Ripple aims to re-shape the old methods of finance and banking, in many ways similar to our work at the GSX Group, transforming the capital markets through blockchain technology. XRP is traded across exchanges globally, and it is only fitting that the GBX-DAX extends that liquidity and connection.”
Overlooking the latest price crash, Ripple and XRP have had a good start to twenty nineteen. In a blog, the company informed users that it has partnered with 13 financial institutions, aimed to boost its push into the mainstream realm. Ripple’s blog said:
“NFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will leverage the digital asset XRP to source liquidity on-demand when sending payments on behalf of their customers”
Brad Garlinghouse, the CEO of Ripple was also of the opinion that the increase in XRP’s adoption was a sign that cross border transactions are an important asset in today’s world. He went on to say:
“n 2018, nearly 100 financial institutions joined RippleNet, and we’re now signing two—sometimes three—new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity.”