Amid the ongoing XRP lawsuit, Ripple took a bold step by launching a crypto product, called the Liquidity Hub, which will allow financial service firms to offer the buying and selling option for cryptocurrencies. According to CNBC, Ripple noted that cryptocurrencies like, the OG Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash, and the most controversial XRP will be presented as offerings to enterprises.
Set to launch by 2022, the Liquidity Hub aims to facilitate access to crypto via manifold sources such as, market makers, exchanges, and over-the-counter trading desks, with Coinme, a U.S. based Bitcoin Exchange and ATM operator, as its first client. Furthermore, the Liquidity Hub plans on adding Non-Fungible Tokens (NFTs) to the list of its asset offerings.
“We have a long history of working with financial institutions, crypto exchanges, brokerages and market makers, which our enterprise customers can now directly benefit from…We’re planning to support a variety of assets and have plans to expand to more tokenized assets like NFTs in the future.”, Asheesh Birla, the general manager of RippleNet, a financial messaging service used for cross-border payments, told CNBC.
Ripple Remains Confident of its Crypto Product, Despite the Lawsuit
Birla defined Liquidity Hub as an “aggregator for various liquidity venues and individual assets, the way that Google Flights is for airlines and flights.” Additionally, another feature provided by the Liquidity Hub will be the facilitation of lines of credit through XRP to prevent its client enterprises from having to pre-fund accounts to use Ripple’s latest crypto service. Nevertheless, it is impossible to turn a blind eye to the historic XRP lawsuit, where Ripple appears to be on the ‘readily agreeing to a settlement’ end. However, Ripple claims that despite the lawsuit, the company’s global traction has not experienced any drop whatsoever.
“Companies doing this today have to park working capital at an exchange while waiting for funds from weekend activity to be deposited in a bank account…We started offering this as part of ODL and it’s one of our most sought after features…Despite headwinds in the U.S. with the SEC, our traction with customers globally hasn’t slowed down”, said Birla.