cryptoknowmics.com
San Francisco-based blockchain firm Ripple is launching a new service called Liquidity Hub that allows business customers to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), and Bitcoin Cash (BCH) from a range of global exchanges, market makers and over-the-counter desks.
Ripple to Launch Liquidity Service
Fintech firm Ripple announced Tuesday the launch of a new product that lets financial services firms offer their customers the ability to buy and sell cryptocurrencies. Set to be launched in 2022, the solution allows customers to access crypto assets from different venues such as market makers, exchanges, OTC desks, etc.
Ripple clients will now be able to buy, sell and hold the assets without the need for pre-funding, long integrations and other bottlenecks.
Initially, cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP will be supported. However, the availability of the digital assets will vary on different geographical locations with plans for further expansion in more tokenized assets including adding features such as staking and yield generating functionalities.
The first partner to utilize the Liquidity Hub’s underlying technology platform is the payments and crypto ATM company Coinme which is now working with Walmart to allow customers to buy bitcoin at about 200 kiosks in Walmart stores.
“Coinme offers convenient and simple access to exchange cash for crypto. Managing this extensive network requires around-the-clock access to liquidity 24/7/365 so we can provide the best prices to our customers for a variety of assets. We’re excited to partner with Ripple to bring these benefits to our customers and business,” said Neil Bergquist, CEO of Coinme.
XRP Back to Recovery
Ripple’s native crypto asset XRP has recovered since the beginning year after losing more than 70 percent of its value following the US Securities and Exchange Commission sued the company for allegedly raising more than $1.3 billion through an unregistered securities offering.
While Ripple has always maintained it is a separate entity from XRP, the blockchain company is fighting the suit, contending that XRP should not be considered a security. At the time of writing, XRP is trading at $1.23 per coin, up by 391 percent since the beginning of the year.