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 San Francisco-based payments company 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.Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens