Bitrue, a digital asset exchange based in Singapore, launched two years ago, in July 2018. From the very beginning, Bitrue has been an exchange as XRP-centric as they come.
Bitrue has made XRP a base currency early on, having as many as 78 XRP based pairs towards the end of 2019 (currently 50). This strategy brought the XRP community to the exchange and attracted additional volume. This has led to a steady increase of XRP volume being traded on its platform, currently sitting at 11.39% at the time of writing.
Bitrue released additional products, with XRP always being in the frontline. Crypto-backed loans, an interest program (Power Piggy), and more. It also launched an XRPL validator and is now part of Ripple’s default Unique Node List (UNL).
Furthermore, Bitrue always had a close relationship with Ripple. Bitrue attended “Swell” (Ripple’s annual event) in November 2019 and it was rumored to become an On-Demand Liquidity (ODL) exchange.
Bitrue runs on Ripple
On May 13th, Ripple released a brief video and an insights article with a focus on Bitrue, featuring Bitrue’s CEO and Co-Founder Curis Wang.
In the video, Curis mentioned Xpring and Ripple’s On-Demand Liquidity, hinting that Bitrue has some type of relationship with Xpring and is working on becoming an ODL exchange.
While Bitrue is based in Singapore, our information tells us that Bitrue is more focused on USD (United States dollar) rather than SGD (Singapore dollar) trading. Having more than one ODL partner exchange for a fiat currency will be interesting to see and might make cross-border transactions with XRP even more efficient and reliable.
ODL – partner exchanges
Since releasing ODL, Ripple has partnered with a number of exchanges in order to create a healthy ecosystem of digital asset exchange partners around the world. These exchanges allow ODL payments to move from one currency – into XRP – and back into another currency quickly and efficiently.
The first three ODL exchanges were Bitso (MXN), Bittrex (USD) and coins.ph (PHP) with Bitstamp (EUR, USD) joining shortly after. BTC Markets (AUD) was announced during Swell and Bitkub (THB) a few months later.
Furthermore, Ripple is known to have partnered with digital asset exchanges that have not been announced as ODL exchanges. Ripple funded DCEX, a US-based exchange, in August 2018 and also partnered with PDAX, a Philipino exchange that was launched in September 2019. Ripple also funded Bitso, the Mexican ODL exchange, in October last year, to aid its growth in Latin America.
While the addition of fiat OTC services to its users through a partnership with Legend Trading is an important step for Bitrue, the addition of fiat XRP pairs will be the step that will bring ODL one step closer to the exchange.