Despite its ongoing lawsuit with the Securities and Exchange Commission, Ripple continues to expand its offerings in the crypto space. The firm has announced it will be launching a liquidity hub targeting financial institutions that want to offer crypto trading services.
The new product offering will boost the adoption of crypto assets, and it will allow players in the financial services sector to access cryptocurrencies on behalf of their clients.
Ripple launches a liquidity hub
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
The blog post from Ripple states that this new product will be known as “Ripple Liquidity Hub.” The product will allow enterprise clients to access crypto assets from various market makers, exchange platforms and OTC trading desks.
According to the blog post,
Ripple Liquidity Hub will uniquely solve for the specific pain points of enterprise customers, avoiding long and resource-heavy integrations through a streamlined API, and – unlike most other offerings – eliminating pre-funding requirements to free up working capital.
The announcement stated that initially, the Liquidity Hub would only support six of the most popular cryptocurrencies. These include Bitcoin (BTC/USD), Ethereum (ETH/USD), Bitcoin Cash (BCH/USD), Litecoin (LTC/USD), Ethereum Classic (ETC/USD) and Ripple (XRP/USD).
Ripple’s Liquidity Hub to launch next year
The General Manager at RippleNet, Asheesh Birla, noted that this product would allow customers on the platform to access a “one-stop-shop” to buy, sell and hold crypto assets. Birla stated that the team was already working on the infrastructure of this product. However, it was still in the preview stage and will launch in 2022.
One of the firms that have already partnered for this service is Coinme. Coinme is a licensed Bitcoin ATM provider in the US, and it has set up thousands of these machines in the country.
Despite these developments, Ripple’s court battle with the SEC is still going on. Last December, the SEC charged Ripple and its executives in a $1.3 billion unregistered securities sale. According to the SEC, XRP was a security and not a token.
Ripple and the SEC are yet to settle this case, and the two continue filing motions of arguments regarding the case.
67% of retail CFD accounts lose money