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Ripple launches crypto service for financial companies

New company Fintech Ripple announced on Tuesday that it is launching a new product that will allow financial services companies to offer their customers the ability to buy and sell cryptocurrencies.

Ripple

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The San Francisco-based company said the feature, called Liquidity Hub, would give its corporate customers access to digital assets from a range of sources, including market makers, exchanges and over-the-counter offices.

Customers will be able to offer trading with a choice of cryptocurrencies, such as bitcoin, ethereum, litecoin, ethereum classic, bitcoin cash and XRP, Ripple said. The company also hopes to offer other digital assets such as NFTs or non-exchangeable tokens in the future. The feature is currently in preview, but will be released in 2022, Ripple said.

Ripple was founded in 2012 and is closely associated with the XRP cryptocurrency. The company markets XRP to financial companies as a kind of "bridge" to speed up international payments with the On-Demand Liquidity product.

With nearly $ 60 billion in tokens in circulation, XRP is the seventh largest digital currency in the world, according to CoinMarketCap.

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Ripple

Ripple also sells a platform called RippleNet, a financial messaging service used by banks and other financial institutions to send money across borders. Ripple advertises this product as a competitor to SWIFT, the global interbank payment network.

Ripple is in dispute with the US Securities and Exchange Commission over XRP. The regulator is suing the company and executives Brad Garlinghouse and Chris Larsen for allegedly raising more than $ 1,3 billion through an unregistered securities offer.

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The company is moving to a new product category at a time when interest in cryptocurrencies has increased dramatically. Bitcoin and ether hit record highs this week amid a wider cryptocurrency rally.

Crypto is also experiencing increased adoption among mainstream companies, with companies such as MasterCardThe PayPal and Goldman Sachs to now provide support for digital assets.

Source of information: cnbc.com

Teo Ehchttps://www.secnews.gr
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