Gemini has been made available to eligible users in Singapore through XRP Ledger (XRPL) for direct charging and cashing. Users can now make direct transfers between exchange accounts and external XRPL addresses, reduce intermediate conversion steps and increase the ease of use of XRP in local markets.
Direct access to external XRPL addresses
The co-founder of Gemini, Tyler Winklevoss, disclosed this update on platform X on August 25th. According to him, users in Singapore could transfer or transfer XRP directly to or from an external XRPL wallet address and no longer limit themselves to intra-exchange transfers.
This means that when a user transfers an XRP between different platforms, it is not necessary to replace it with other assets before it is operational, and it is easier to transfer assets to a self-hosted wallet or to access other services in the XRPL ecology.
Reduction of transfer time to seconds
Reports mention that XRP transfers on XRPL can normally be completed in 3 to 5 seconds. Compared to the way in which additional cross-chains or asset conversions are required, a direct link reduces the operational link and helps to reduce the transfer costs.
For the Singapore market, this adjustment is representative. Singapore has been one of the leading digital asset centres in Asia, with many encryption companies operating locally and subject to the regulatory framework of the Singapore Financial Authority.
- Supported object: Singapore eligible Gemini user
- Transfer network: XRP Ledger (XRPL)
- Settlement time: usually about 3 to 5 seconds
XRP price and active address rise
Reports indicate that after the news was released, the price of XRP once increased by about 2 per cent. Over the past week, the cumulative increase of XRP has exceeded 50 per cent, and prices have risen from about US$ 1 to around US$ 1.55.
Reference is also made to the cumulative net inflow of real-time XRP ETF in the United States of America of about US$ 15.55 billion, and to the significant increase in XRP network activity. The number of active addresses increased from 47,180 to 356,070, an increase of approximately 654.71 per cent.
This indicates that, in addition to the price increase, the use of XRP on the chain is increasing simultaneously. Gemini, after Singapore’s opening for direct recharge, or further enhances the actual use of the XRPL network by local users.