Ripple will develop a liquidity management service for bitcoin, Ethereum, XRP, LTC, BCH, and ETC.
Ripple, a fintech business, has announced that the Ripple Liquidity Hub will be launched in 2022. The service, which is integrated with the On Demand Liquidity platform, will let financial institutions to provide consumers bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, and Ethereum Classic trading and storage.
The lifeblood of crypto is global #crypto liquidity, which can sustain huge payments at scale. Enterprises will be able to source, trade, transport, and manage value from a number of liquidity venues via the Ripple Liquidity Hub. Arriving in 2022. #RippleSwell https://t.co/wxenpTfCIH pic.twitter.com/sMUb1kDXZZ @Ripple November 9, 2021
Ripple Liquidity Hub will give the best prices from cryptocurrency exchanges, OTC platforms, and market makers via APIs thanks to intelligent order routing. The product will eliminate the need for funds to be distributed through many intermediaries.
The service can be thought of as “an aggregator for liquidity providers and individual assets,” according to Ashish Birla, RippleNet’s general manager.
A collection of custodian partners will supply bitcoin storage, according to the top manager in an interview with Decrypt. Ripple is prepared to take over this functionality in the future, creating a new source of revenue.
The launch of the Ripple Liquidity Hub will be in response to requests from On Demand Liquidity participants. The first customer will be crypto machine operator CoinMe.
In the future, the startup intends to expand its line of assets, including NFT, and add staking as well as cryptocurrency accounts.
As a reminder, Justice of the Peace Sarah Netburn ordered Ripple to turn over internal audio and video records to the SEC. In late August, the fintech company agreed to such a ruling.
US officials must ‘get with the program’ on cryptocurrencies, according to a Ripple executive.
At the Yahoo Finance/Decrypt crypto investment conference on Tuesday, Asheesh Birla, RippleNet general manager, said, “I think the US regulators in particular need to get with the program and come out with more proactive regulation.”
Birla pointed noted that the majority of Ripple’s cross-border payment volume is focused outside of the United States, indicating a more favorable regulatory environment.
“Countries like Singapore, Asia, and Europe have enacted cryptocurrency regulations,” Birla said, adding, “I believe we are lagging behind in crypto regulation.”
Birla’s remarks echo Cowen CEO Jeffrey Solomon’s recent supportive position on regulation on Yahoo Finance Live.
Ripple and others in the crypto industry aren’t waiting for regulators to lay out some kind of structure before moving forward with their business plans and capitalizing on the boom.
