Bitrue Reaps the Rewards of Putting XRP at the Center of its Digital Assets Platform
Singapore-based digital assets exchange Bitrue has found success by putting the digital asset XRP at the center of its trading platform. The asset is used by Ripple’s payment network to facilitate low-cost, same-day cross-border transactions and Bitrue believes that XRP’s growing utility among businesses and individuals will bring more users to its exchange.
“For any blockchain project to be successful, it has to be practical and scalable,” explained Co-founder and CEO, Curis Wang. “XRP’s role in solving problems with cross-border payments is a perfect use case that will drive growth, which is why Bitrue decided to make it the central asset of our exchange. In addition, our connection to XRP’s highly-engaged community differentiates us from the thousands of other exchanges out there.”
Wang first discovered XRP at a FinTech Conference and immediately understood its value as a much-need solution to the problem of slow and expensive global payments. Making Bitrue an XRP-centric exchange had the potential to make the business more than just a simple trading platform. The company just had to convince users to trust them.
“I believed that by focusing on XRP, Bitrue could become part of a bigger ecosystem based around global payments,” said Wang. “It wasn’t a typical strategy for a digital assets exchange and I had to work hard to convince our team that it was the right idea. Persuading customers to use our platform was an even tougher challenge.”
How the Active XRP Community Drives Exchange Traffic
Demonstrating that more and more people were adopting On-Demand Liquidity to make cross-border transactions more efficient helped Wang convince the Bitrue team to focus the platform on XRP. Gaining user trust was less simple, until Curis began engaging with the XRP community.
“XRP’s use case makes it both practical and scalable so it made sense for our business to focus on it,” recalled Wang. “Plus, we got to know the XRP community. Once they saw how much we were backing XRP, the community embraced Bitrue. They are extremely active and supportive. We recently ran a Twitter poll to see which assets to pair with XRP and we had thousands of responses.”
As 2019 came to a close, Bitrue was exchanging 77 XRP pairs. “We’ve also launched digital asset-backed loans that allow people to use their XRP as collateral to borrow our assets like bitcoin, ether or a stablecoin like Tether,” added Wang.
Becoming Part of the XRP Community
Bitrue is excited to maintain an XRP-centric platform. With businesses and individuals around the world continuing to adopt XRP for cross-border payments, the company expects to also increase transaction volume on its exchange platform.
“As more people turn to on-demand liquidity for faster, cheaper global payments, Bitrue will grow alongside the increasing use of XRP,” concluded Wang. “We took a chance on centering our platform around the asset and are now benefiting from being a fully integrated part of the XRP community.”