Twitter found another reason to rejoice as support for XRP, Litecoin [LTC], Tron [TRX], and NANO was added to the Swaplab platform. This effectively allows these cryptocurrencies to trade with 50 other tokens offered on the platform.
Swaplab is a non-custodial, accountless, crypto-to-crypto exchange platform that allows users to swap between two cryptocurrencies. More interestingly, it claims to add the feature for Visa and Mastercard transactions in October this year. This might mean that it would be a direct fiat-to-crypto on-ramp for XRP and various other cryptocurrencies.
It claims to be fast, with funds settling within 15 minutes of the transaction occurring, and does not hold any of the funds that are processed through the platform. The commission that they take is 0.5% of the final transaction, with no fixed exchange fees.
Swaplab also clarified that the funds could be withdrawn to an external wallet, after seeing concerns by customers over the same. This means that the user could swap between two currencies without a need to set up an account and withdraw the funds to a private wallet.
The XRP Community especially came out on Twitter to show support for the move, with user Jimmy Tay stating:
“Is XRP the base since it can be exchanged for 50 other currencies?”
User XRPBrazil said:
“Welcome to #xrpcommunity!! Very interesting project.”
User Camilo Merchan said:
“Great news, it would be an honor to be part of your prestigious exchange, as the first private currency, the profits will be unimaginable. Bytecoin is and will be the first private currency,the development and growth is unimaginable,the profits for you would be incalculable.”
User gyanagarwal said:
“#xrpcentre xrp is best cryptocurrency,so why to exchange xrp into dud. It should be otherway round.Covert 50 dud cryptoes with #xrp”
Iarius Germund, a market analyst, stated:
“While these are established cryptocurrencies in the market, the move will infuse even more liquidity into them. It would also allow for a much more easier and user-friendly experience of switching between two cryptocurrencies. Overall a good move forward, especially considering the upcoming Mastercard/Visa integration.”