Ripple launches enterprise crypto feature amid legal battle with SEC
Brad Garlinghouse, CEO of Ripple, speaks live onstage at TechCrunch Disrupt San Francisco 2018.
Steve Jennings | Getty Images for TechCrunch
Ripple, a fintech startup, announced Tuesday that it is launching a product to allow financial service firms to offer customers the opportunity of buying and selling cryptocurrencies.
San Francisco-based Liquidity Hub said that the new feature will provide enterprise clients with access to digital assets from multiple sources such as market makers, exchanges, and over-the–counter trading desks.
The trading platform will allow clients to trade in several cryptocurrencies, including bitcoin. bitcoin ethereum litecoin ethereum classic bitcoin cash XRPRipple stated that they are. Ripple stated that the company hopes to also offer digital assets such as NFTs and or non-fungible tokensFuture versions of this feature will be available. Ripple stated that the feature was currently in preview but will launch in 2022.
Ripple, which was established in 2012 is closely connected to cryptocurrency XRP. Financial firms can use XRP from Ripple to speed up international transactions with their On-Demand liquidity product.
According to CoinMarketCap data XRP has the 7th-largest digital currency in circulation with over $60 billion.
Ripple sells RippleNet, which is a financial messaging platform that banks use to transfer money over borders. Ripple promotes their offering as an alternative to SWIFT.
Ripple is now in hot waterXRP is being discussed with the U.S. Securities and Exchange Commission. The regulator is suing the companyBrad Garlinghouse and Chris Larsen, executives of Ripple for raising more than $1.3 Billion through unregistered securities offerings. Ripple has argued that XRP shouldn’t be considered a security and is fighting the lawsuit.
This company has entered a new product area at a moment when cryptocurrency interest is soaring. Bitcoin and ether — the first and second-biggest cryptocurrencies, respectively — both hit record highs this weekThe crypto market is experiencing a greater rally.
Asheesh Birla is RippleNet’s general manager. He said that the new RippleNet tool could be viewed as an “aggregator of various liquidity venues and individual asset, in the same way that GoogleFlying is for both airlines and flight.
Birla stated that the product took nearly two years to develop. Ripple stated that Coinme was the first customer who used the service. Coinme is a Bitcoin exchange and ATM operator, both based in the U.S.
Birla stated that “we have a long track record of working with financial institutions and crypto exchanges. Brokers. And market makers. Enterprise customers can now directly profit from this.” We plan to support many assets, and will expand our reach to tokenized assets such as NFTs.
Ripple stated that it will offer credit lines through XRP, to its financial partners to help them avoid having to prefund Liquidity Hub accounts.
Birla stated that companies doing such a thing today must park their working capital on an exchange and wait for weekend funds to arrive in a bank account. We started this feature as an ODL, and it is one of the most requested features.
Let it go privately valued at $10 billionRipple, one of the most prominent crypto startups in the world is Ripple. You can find it among other venture capital firms Andreessen Horowitz and Japanese financial services companies SBI HoldingsSpanish Bank SantanderAs investors.
The company has faced significant challenges due to U.S. regulatory uncertainties. Ripple still claims that it has increased its traction in Japan and other countries, with ODL’s global volume increasing 25-fold over the last quarter of 2020.
Birla stated that despite the headwinds facing the U.S. and the SEC, global traction hasn’t been affected by these obstacles.