Blockchain company Ripple announced it would launch a product giving clients of financial service firms access to crypto trading.
Ripple Liquidity Hub
In an official blog post, Ripple called their new product the “Ripple Liquidity Hub.” It will allow clients to access digital assets from several different providers. The program will leverage smart order routing to guarantee digital assets at the best possible prices for clients.
The “Ripple Liquidity Hub” will support six notable cryptocurrencies in the market. These six coins are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Ripple (XRP). In time, more digital assets will be added. The availability of these coins will depend on geographical locations.
Asheesh Birla, the General Manager at RippleNet, commented on the new development saying,
“We know full well the necessity for efficient and easy liquidity management. Financial institutions and crypto are embedded in our DNA. It makes absolute sense that as they prepare for a crypto-first world, our clients would want to access the same trusted one-stop shop for holding, selling, and buying crypto assets that have powered our extensive work with financial institutions.”
Introducing Next Year
According to the announcement, Ripple will include extra features to the Liquidity Hub, such as several yield generating functionalities and staking.
Birla commented that the Ripple Liquidity Hub is already mostly in place. The service, being in its preview stage, should go live in 2022.
Ripple plans to team up with Coinme, America’s first accredited Bitcoin ATM company, allowing them access to the alpha version of the product.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.