dailyhodl.com
Ripple Labs is moving towards a “crypto-first future” with a new product allowing traditional financial institutions to offer cryptocurrency services to their customers.
In a new press release, the makers of $XRP announced their newest product called the Ripple Liquidity Hub.
“[It is] a groundbreaking new way for enterprises to easily and efficiently source digital assets from the broader crypto market.
As a crypto liquidity platform built for the enterprise, it will unleash the potential to access deep liquidity within markets, accelerating the shift to crypto.”
In a statement to Yahoo Finance, RippleNET GM Asheesh Birla says,
“Customers are coming to banks asking, ‘How can we buy Bitcoin [$BTC] or digital assets?’ This is a solution that enables banking customers to do that.”
Ripple’s press release goes on to say,
“While the $XRP Ledger and $XRP are and will remain a native part of our tech stack, we at Ripple believe that achieving interoperability is key to unlocking crypto’s true potential.
Because of this, Ripple Liquidity Hub will initially support $BTC, ETH [Ethereum], LTC [Litecoin], ETC [Ethereum Classic], BCH [Bitcoin Cash] and $XRP (availability will vary by geography) with plans to add additional digital assets over time.
In the future, Ripple plans to add functionality such as staking and yield-generating functionalities.”
Ripple is currently being sued by the U.S. Securities and Exchange Commission (SEC) under allegations that it sold $XRP as an unregistered security.
The SEC announced the lawsuit in December 2020, crashing $XRP’s price. Despite the unresolved nature of the charges, $XRP is currently trading at $1.25, up over 500% since the initial lawsuit fallout.