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Bitrue Exchange to Support XRP Airdrop and Spark Trading Launch

Jamie West by Jamie West
December 11, 2020
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Bitrue, the cryptocurrency exchange with deep ties with XRP, has announced that it will be supporting the upcoming airdrop that will happen on December 12.

Holders of the affiliated cryptocurrency, XRP, who have kept their tokens on Bitrue’s exchange will automatically have their account balances credited with Spark tokens. Once the token has been minted and issued to the said account holders, these Spark tokens’ trading market will start. This launch is expected to happen in March 2021.

Bitrue is a well-known and enduring stronghold for XRP tokens. They have been serving Ripple’s community of investors and token-holders since their launch in 2018. The exchange has since expanded the number of cryptocurrencies it supports. Regardless, it has remained loyal to XRP and has always been a candidate for the exchanges that will support the upcoming Spark airdrop.

With this airdrop, XRP and Defi will meet. Defi is an application that has been synonymous with the lending, staking, and earning yield sorts. And, in many respects, XRP is well suited for it.

However, XRP has remained siloed and isolated from the unrivaled crypto network effects that Ethereum currently holds. Due to its scalability and ultra-low fees, the XRP ledger can only record smaller and more native transactions. After all, the XRP’s interoperability not being built in is its main issue.

Luckily, Spark was made to solve this issue. It will bring the Defi functions and capabilities to the XRP’s ecosystem. The token will operate under Flare Network, which will handily integrate with XRP. Flare is designed to work with non-Turing complete tokens like XRP, and once it launches, its network will support XRP – or FXRP as it will be called on the Flare Network.

In contrast, networks like Ethereum who support small contracts, are crippled by the issue of deploying and querying their contracts.

In a previous interview with CNN by Ripple’s CEO, Brad Garlinghouse, he specifically spoke about the Flare Network project.

He thinks that the Flare Network is an exciting startup. He says that they are doing some very exciting stuff, especially with regards to spark tokens. He also notes how different it is from what Ripple is doing.

“To me, it’s just a further example of the people’s recognition that XRP is such an efficient digital asset, and as you and I have already talked about, utility will drive the long-term value of any digital asset,” he added.

The CEO sees the talent and vision that Flare has in the problem Flare Network is trying to solve. Garlinghouse further added that he thinks XRP holders’ excitement is well deserved because of what Flare is doing, and the company is as well. He thinks the niche that Flare Network has carved out is interesting, especially as it moves forwards with its airdrop of Spark tokens, and is optimistic for the network.

jamie xrp news | XRP & Ripple News
Jamie West
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Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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