Ripple moves beyond XRP: Next product features BTC, ETH, LTC, ETC, BCH
Ripple Liquidity Hub will initially support BTC, ETH, LTC, ETC, BCH and XRP. In the future, Ripple plans to add functionality such as staking and yield generating functionalities.
The SEC v. Ripple lawsuit lingers but the blockchain specialist is not showing signs of stopping. The company has announced it will be launching Liquidity Hub for enterprises next year.
The technology is the same that has been supporting Ripple’s On-Demand Liquidity (ODL) product for nearly two years. Ripple is now addressing customer demand by making it available as a customer-facing product.
This means Ripple will be providing aggregated access to cryptocurrency market makers, exchanges and OTC desks to enterprises, with the first announced partner for the alpha version being Coinme: a licensed bitcoin ATM company in the United States, with thousands of locations across the country.
Ripple Labs argues that mainstream crypto requires engagement from financial institutions and, to enable this, enterprises will soon source digital assets from the broader crypto market via the upcoming crypto liquidity platform built for the enterprise.
The turnkey solution for financial institutions that is expected to help accelerate the shift to crypto will leverage smart order routing to source digital assets at optimized prices from market makers, exchanges, and OTC desks.
Enterprises can use Ripple Liquidity Hub to provide their end customers with the ability to buy, sell and hold digital assets at the best possible prices across a range of venues.
The firm also wants to solve specific pain points of enterprise customers such as avoiding long and resource-heavy integrations through a streamlined API, and eliminating pre-funding requirements in order to free up working capital.
Ripple Liquidity Hub will initially support BTC, ETH, LTC, ETC, BCH and XRP, but availability will vary by geography. In the future, Ripple plans to add functionality such as staking and yield generating functionalities as well as more crypto assets.
Asheesh Birla, General Manager at RippleNet, said: “We know full-well the need for easy and efficient liquidity management. 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,” said Birla.