Various cryptocurrency exchanges include either Bitcoin or Ethereum among their key trading pairs. Although this is only natural, a few companies are taking a very different approach. BitRue, an exchange which uses Ripple’s XRP as its base currency, is looking to expand its presence. A new partnership with Wanchain could make interesting things happen in this regard.
BitRue Continues to Make its Mark
It is very uncommon for any cryptocurrency exchange to use Ripple’s XRP as a base currency. That’s especially true given the lawsuits regarding this asset, as well as the SEC’s unclear stance on the matter. If Ripple’s XRP were ever deemed to be a security, it would likely only be a matter of time before companies associated with this asset came under increased scrutiny.
For Singapore-based BitRue, those concerns are not necessarily pressing as of right now. The company only recently opened its exchange to the public, and it aims to become a “communal” cryptocurrency exchange. Exchanges often struggle in terms of putting customers first, yet BitRue is intent on taking this approach. Only time will tell whether it can succeed in this regard.
Several key efforts are being prioritized by the BitRue team at this stage. Creating a secure trading interface is only one part of getting people excited. Partnering with other companies and service providers is another area of focus. Cryptocurrency is all about collaboration, as companies cannot succeed on their own in this day and age.
As such, the new partnership with Wanchain could introduce some positive changes for this new exchange platform. Wanchain offers a cross-chain network capable of moving assets around freely and without delays. There is also a native smart contract infrastructure, which could be of great use to any exchange operator. Creating new DApps for the exchange and its users appears to be one of the long-term options being explored.
This partnership will heavily impact the cold storage solutions maintained by BitRue. The current plan is to store 90% of all digital assets in cold storage. Critical messages will be distributed across multiple “clusters” of the exchange’s systems. It is a very interesting approach, as exchanges remain prime targets for hackers and other online criminals these days.
Further details regarding the Wanchain partnership have yet to be announced. There are certainly a lot of options to explore, and exchanges must constantly grow and evolve to remain ahead of the competition. Bolstering the infrastructure which powers the cryptocurrency ecosystem is another step toward maturity and mainstream adoption.
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