Ripple’s XRP Wins Over Yet Another Trading Platform, Now It’s Tim Draper Backed Coinhako

| Updated
by Darya Rudz · 3 min read
Ripple’s XRP Wins Over Yet Another Trading Platform, Now It’s Tim Draper Backed Coinhako
Photo: Coinhako / Twitter

Coinhako announced listing XRP on its platform and mentioned the XRP pairings with SGD, IDR, and VND. 

Positive news for Ripple community: a list of crypto trading companies set to support XRP has enlarged, as Coinhako, Singapore-based crypto exchange backed by a prominent angel investor Tim Draper, has announced listing the currency on its platform.

Coinhako has also mentioned the XRP pairings that will act as a new gateway. These pairings are with SGD, IDR, and VND.

About Coinhako

Coinhako is a crypto trading firm established in 2013 by Yusho Liu and Gerry Eng (CEO and CTO respectively) and backed by Tim Draper. The company is supported by numerous famous investors and firms, including Tim Draper’s Draper Associates and DFJ, Terrace Yang’s Yang Ventures and Boost VC.

At the beginning of 2018, Coinhako had trading pairs for Bitcoin (BTC) and Ethereum (ETH). Then they decided to add support for Bitcoin Cash(BCH), Ripple (XRP), Litecoin (LTC), Omisego (OMG), Zilliqa (ZIL), the 0x project (ZRX), Kyber Network (KNC), Status (SNT), Golem (GNT), Basic Attention Token (BAT), Storm (STORM), Binance Coin (BNB) and more.

Yusho Liu, CEO and co-founder of Coinhako, commented:

“Our recent additions to the Coinhako platform not only puts us at the top for variety of cryptocurrency and fiat trade pairings, it also showcases our leading infrastructure and technical expertise of the team. With more cryptocurrency listings and service extensions to other Asian countries in the pipeline, we are certain that Coinhako will play a crucial role in improving access into the blockchain ecosystem in the region.”

In January this year, Coinhako announced it had officially become the world’s first trading platform to offer customers with a total of 100 fiat-crypto pairings.

What is more, the exchange supports a total of 25 cryptocurrencies for Singapore, Malaysia, Indonesia, and Vietnam.

Although XRP was mentioned in the list of supported currencies and implemented on the Coinhako platform earlier, it was delayed from the release for technical reasons, and the official support was announced only yesterday.

With adding support for XRP, Coinhako hopes to drive adoption in the Southeast Asia region. Taking into account the increasing user base and popularity of the XRP currency, Coinhako will hopefully achieve its goal.

XRP Gains Traction

The news is very good for XRP which has recently seen price shoots which resulted from adding XRP to Coinbase’s professional trading platform, Coinbase Pro. Following the announcement, the XRP/fiat pairs will be available across different countries, including the U.S. (except NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Soon after the announcement, the price of XRP shot by over 10%.

Yoshitaka Kitao, the CEO of the Strategic Business Innovator Group (SBI), believes that by 2025, every bank in Japan will use XRP. Comparing Bitcoin and XRP, Kitao said that Bitcoin is “still searching for a use case, whereas XRP already has utility as a tool for making faster and cheaper cross border payments.”

At the moment of writing, XRP trades at $0.3055, having a decline of 2.98 percent over the past 24 hours. Its market capitalization makes up $12,656,792,938 as on today.

*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.

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