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Highlights
- Famous enterprise blockchain and crypto solutions provider Ripple has revealed a new crypto service, Liquidity Hub, for finance companies.
- This alpha product will allow its partner firms to offer trading options for cryptocurrencies from a variety of global venues at the best prices.
- The service would be launched next year, with an initial offering of cryptos like BTC, XRP, ETH, LTC, etc.
Ripple, one of the major cryptocurrencies across the world, is constantly in news. This time, San Francisco-based fintech firm Ripple has announced launching a new crypto product, Liquidity Hub.
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What is this new service of Ripple all about?
Ripple’s latest offering, called Liquidity Hub, is a new solution for financial service firms. It would provide crypto trading options to its customers.
Related Read: How does Ripple payment work?
The service, touted as the turnkey solution for financial institutions, would facilitate access to crypto at optimised prices from various sources like exchanges, market makers, over-the-counter trading desks.
As of now, the platform offerings to enterprises comprise Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ethereum Classic as well as XRP, which is Ripple’s in-house token.
Do Read: Why Ripple joining the Digital Pound bandwagon could be a gamechanger
Moreover, US-based Bitcoin Exchange and crypto-to-cash network, Coinme, is the first client to have opted for Ripple's latest offering.
The digital currency exchange would initially make use of the underlying technology platform of Liquidity Hub and intends to utilise additional features on its availability.
Moreover, Ripple's latest offering is considering adding NFTs in the near future.
When is the alpha product going to be launched?
Ripple’s Liquidity Hub would go live sometime during early next year. Also, infrastructure for the said service is mostly in place, with plans to include more cryptocurrencies according to customer demand.
Furthermore, Liquidity Hub intends to enhance its functionality in the future by offering support for functions like staking and yield generation and also has plans for getting liquidity from decentralised exchanges.
A Quick Read: Do you know how much Ripple price has surged in one year?
It is noted that the launch of this alpha product is awaiting licensing and other requirements, and its availability would differ according to geographies.
Must Watch: Ripple IPO: When can the XRP crypto's owner go public?
Bottom Line
Known for fast-track transactions and efficiently facilitating cross-border payments, Ripple is aiming to revolutionise the global financial system through its latest product, which is sure to give a significant boost to the crypto’s value.
