Ripple Introduces new crypto solution Liquidity Hub

Ripple announced a new crypto solution, the Ripple Liquidity Hub, that’s not constrained to XRP and aims for enterprises to be launched in the subsequent year, it permits aggregated access to cryptocurrency market makers, exchanges and OTC desks. The enterprise is concentrated on current RippleNet clients that desire to offer cryptocurrency services to their customers. While Ripple’s merchandise have morphed over the years, most recently, it has two core solutions. The first is RippleNet, a price messaging carrier used through financial institutions that does not now use cryptocurrency.

Secondly, there is its On-Demand Liquidity (ODL) solution, which enables companies and money services businesses, in particular, to use the XRP cryptocurrency as an intermediate forex to send international payments besides using the correspondent banking system.

Bankers we’ve spoken to have been annoyed that many humans conflate these two applications. Other than bringing up that XRP will be one of the cryptocurrencies supported via the Liquidity Hub, this answer is now not mentioned as the use of XRP. However, it says it used something similar to support the ODL product. That readability would be correct to keep away from similar misunderstandings.

In a weblog post, Ripple stated, “while the XRP Ledger and XRP are and will continue to be a native phase of our tech stack, we at Ripple trust that accomplishing interoperability is key to unlocking crypto’s actual potential.”

The other cryptocurrencies are Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic. We requested Ripple whether all cryptocurrencies will only be exchanged for XRP as an intermediary currency. The reply is no. “Trades will show up in fiat and rely on the region. eg. USD in the U.S. and may want to be GBP in the UK,” stated a spokesperson by way of email.

“We understand firsthand the need for convenient and efficient liquidity administration – and as such, we’ve received questions from our customers who are in want of options that can be a one stop shop to buy, promote and keep crypto assets,” stated RippleNet GM Asheesh Birla.

“The aggregate of Ripple’s crypto DNA and lengthy records working with monetary institutions makes us uniquely placed to address this trouble for our customers as they put together for a tokenized future.”

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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