Cryptocurrency adoption is slowly growing all over the world. More specifically, various countries are regulating Bitcoin or preparing to do so. In the UAE region, it seems there is a genuine interest in various cryptocurrencies as well. BitOasis, one of the biggest local exchanges, has announced they will integrate XRP soon. Although no further details were announced, this is a pretty big development. After all, Ripple’s asset is now the world’s second-largest currency by market cap.
It is always interesting to see how cryptocurrency thrives in the UAE region. Although we hardly hear anything from this region, things are progressing nicely. In fact, one of the region’s biggest exchanges will improve its position on the market moving forward. Adding new currencies is always a big step for any exchange all over the world. Surprisingly, this process happens less often than one would assume at this point in time.
BitOasis Confirms XRP Integration
In the case of BitOasis, an interesting addition will occur very soon. More specifically, the company announced they will enable XRP support very soon. Ripple’s native asset has been of great interest to investors and speculators alike. Especially now that the asset reaches new all-time highs, things will get very interesting. It is unclear how much demand for XRP there is in the UAE, though. If BitOasis plans to add it, there must be sufficient demand to make it happen.
we are rolling XRP soon! Stay tuned _ô»
î BitOasis (@bitoasis) December 28, 2017
One big unknown is when Ripple’s asset will go live on BitOasis. All we know is the information from the above tweet. There is no official timeline for this integration whatsoever. As most cryptocurrency users will know, soon has many different meanings in this industry. It may happen next week, or next month, or by Christmas 2018. Either way, it is good to see BitOasis take such an important step forward. Providing more XRP liquidity can only be considered to be a good thing for Ripple’s native asset.
This news comes at an interesting time for the exchange. More specifically, BitOasis disabled deposits and withdrawals for some customers a week ago. This affects users with an EmiratesNBD account. The reason for this drastic step is due to the bank blocking customer transfers and withdrawals. It is not the first time a financial institution takes such a step without any specific reason. Unfortunately, it is one of the issues cryptocurrency enthusiasts have to deal with, for now. It will be interesting to see how the addition of XRP affects this exchange moving forward.
Header image courtesy of Shutterstock