San Francisco-Based Company Goes Beyond XRP By Announcing New Service With Various Cryptocurrencies
San Francisco-based blockchain company Ripple is diversifying into more cryptocurrencies with Liquidity Hub, a new service designed for enterprises.
In a major change, the nearly announced feature will support Bitcoin, Ethereum, Litecoin, Ethereum Classic, and Bitcoin Cash outside of XRP.
The service will allow financial firms to navigate a fragmented market by providing them with seamless access to market makers, over-the-counter (OTC) desks and cryptocurrency exchanges.
Ripple customers will be able to buy, sell and hold the aforementioned assets without the need for pre-financing, lengthy integrations and other bottlenecks.
RippleNet General Manager Asheesh Birla says that the service will function similarly to On-Demand Liquidity (ODL) since it relies on the same technology:
Crypto and financial institutions are embedded in our DNA. So, it makes perfect sense that as they prepare for a crypto-first world, our customers would want access to the same trusted one-stop shop for buying, selling and holding crypto assets that has powered our own extensive work with financial institutions.
The controversial company also plans to venture into the burgeoning decentralized financial ecosystem by offering staking and yield features.
The new service will potentially open a new revenue stream for the company. Ripple made almost all of their money from the sales of XRP, which is unsuitable for the United States Securities and Exchange Commission.
Last December, the regulator sued Ripple for allegedly pocketing $1.3 billion by illegally selling the XRP token created by its current and former employees. Yesterday, the SEC won a court victory by accessing tapes of the company’s internal meetings.
Ripple Liquidity Hub is expected to launch in 2022.
