u.today
San Francisco-based blockchain company Ripple is diversifying into more cryptocurrencies with Liquidity Hub, a new service designed for enterprises.
In a major shift, the nearly announced feature will support Bitcoin, Ethereum, Litecoin, Ethereum Classic and Bitcoin Cash apart from XRP.
The service will allow financial firms to navigate the fragmented market by providing them with seamless access to market makers, over-the-counter (OTC) desks and cryptocurrency exchanges.
Ripple's clients will be able to buy, sell and hold the aforementioned assets without the need for pre-funding, long 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 booming decentralized finance ecosystem by offering staking and yielding functionalities.
The new service will potentially open a new revenue stream for the company. Ripple has been making almost all of its money with XRP sales, which doesn't sit well with the U.S. 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 scored a court win by gaining access to the recordings of the company's internal meetings.
Ripple Liquidity Hub is expected to launch in 2022.