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Here Is Why XRP Doesn't Need Centralized Crypto Exchanges

Wed, 08/24/2022 - 12:45
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Gamza Khanzadaev
Most promising XRPL project celebrates milestone in XRP purchases in what may be end of XRP's need for centralized platforms
Here Is Why XRP Doesn't Need Centralized Crypto Exchanges
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onXRP, an XRP Ledger-built modular ecosystem, has reported reaching an important milestone for its on-ramp solution. The project stated that 500 U.S. citizens were able to purchase XRP for their noncustodial wallets directly via fiat, thanks to onXRP and Banxa's joint service. The total volume of XRP purchased through this on-ramp service equals half a million U.S. dollars.

Given the hammer of justice hanging over XRP by the Securities and Exchange Commission, which has designated the cryptocurrency as a security and is pressuring centralized crypto exchanges to delist XRP, onXRP rightly argues that with on-ramp solutions like itself, there is no need for CEXes.

There is indeed no point in buying XRP through Coinbase, which will delist the cryptocurrency at the first regulatory poke, when you can buy it directly using your noncustodial wallet for fiat.

Beautiful Web3 of the future

As the new digital economy evolves and more people and companies become involved, the need for centralized crypto providers will become more and more acute.

Will it be possible to be fully decentralized in the beautiful Web3 of the future? At the moment, it seems so. However, even if not, solutions like the ones presented by onXRP seem to be able to minimize users' contact with centralized venues which, in addition to providing a service that meets all the whims of regulators, needs to take care of their stock price on traditional financial markets.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.