Ripple just announced the launch of its new feature, called Liquidity Hub, that will allow financial service companies to offer their customers ability to buy and sell six cryptocurrencies including, Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash and its native coin XRP. The product is set to launch next year.
Founded in 2012, Ripple is closely associated with the cryptocurrency XRP. Its On-Demand Liquidity (ODL) solution, enables financial companies, in particular, to use Ripple’s XRP as an immediate currency to make international payments without having to use a correspondent banking system.
“While the XRP Ledger and XRP are and will remain a native part of our tech stack, we at Ripple believe that achieving interoperability is key to unlocking crypto’s true potential,” Ripple said in a blog post. The company also hopes to offer other digital assets like NFTs in the future.
XRP is the seventh-biggest digital currency globally, according to aCoinMarketCap data, with nearly $60 billion worth of tokens in circulation.
Ripple also has a platform called RippleNet, which is a financial messaging service that is used by banks and other financial firms to make international payments. Ripple touts RippleNet as a competitor to SWIFT, the global interbank payment network.
“The combination of Ripple’s crypto DNA and long history working with financial institutions makes us uniquely positioned to address this problem for our customers as they prepare for a tokenized future,” said RippleNet’s GM Asheesh Birla about Liquidity Hub.
The cryptocurrency sector has been on a bit of a rollercoaster ride with authorities and regulators as it is being watched rapidly over concerns about its lack of transparency.
The Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple and executives Brad Garlinghouse and Chris Larsen for allegedly raising more than $1.3 billion through unregistered securities offering. The court case is currently in progress.
30 May 2023
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