Luno exchange revealed on Monday that it would soon add support for Ripple (XRP), ending an eight-year wait for the cryptocurrency to be listed on the platform. Until now, Luno only allowed users to trade and hold Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH).
Headquartered in London, Luno launched in 2012, the same year as Ripple, and boasts a strong presence in Singapore, U.K, Nigeria, and Malaysia with an estimated 3.5 million users, who will, for the first time, be allowed to buy and sell XRP on the exchange.
In a teaser announcing the impending addition of XRP on Luno, the exchange described XRP as a cryptocurrency that enables cross-border payments by acting as a bridge between different currencies transferred on the Ripple network.
Luno also noted the significant differences between Bitcoin and XRP, namely that XRP has a 100 billion coin supply, which is significantly way higher when compared with Bitcoin’s 21 million coin limit.
Additionally, the fact that transaction confirmation takes an average of 5 seconds to complete on the Ripple network makes it significantly faster than other cryptocurrencies and even today’s traditional financial systems. There is also a mention of the fact that Ripple Labs releases XRP periodically, unlike other cryptocurrencies.
Older Crypto Exchanges Adding Support for XRP
Luno’s impending listing of Ripple (XRP) after snubbing the cryptocurrency for several years highlights a changing attitude towards the third-largest cryptocurrency by market cap.
In December, Coinfomania reported that DSX, one of the oldest crypto platforms in the United Kingdom, and Japan’s biggest exchange by Bitcoin trading volume, BitFlyer all added support for XRP.
If trends are anything to go by, one can expect that more crypto exchanges will add support for XRP as the coin’s regulatory status continues to become more transparent.
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