Ripple (XRP) Launches Cryptocurrency Service For Financial Institutions Despite Lawsuit With SEC

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2021-11-10 14:43:08

Despite the tension in the pending SEC lawsuit, Ripple has decided to prepare to launch a new service called Liquidity Hub, which will allow its corporate clients to access access cryptocurrencies.

Ripple (XRP) Launches Cryptocurrency Service For Financial Institutions Despite Lawsuit With SEC

Liquidity Hub will allow financial services companies to offer Ripple customers the ability to buy and sell cryptocurrencies. At the same time, financial institutions and large enterprises can access crypto assets from a variety of sources including market makers, exchanges, and OTC services. America’s first licensed Bitcoin ATM company, Coinme, is the first partner for a test version of Liquidity Hub.

Ripple says customers will be able to offer trading in a variety of popular coins including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH) and Ripple ( XRP). The company also hopes to roll out other altcoins and NFTs in the future. The feature is currently in preview but will launch in 2022.

RippleNet CEO Asheesh Birla revealed the company has been using the cryptocurrency sourcing technology to support its On-Demand Liquidity (ODL) product for almost two years. He added that Ripple customers want access to the same trusted hub for buying, selling, and holding crypto assets that have supported the platform’s extensive work with financial institutions.

– See more: Ripple (XRP) Launches First Liquidity Instrument in the Middle East – “Answer” to Stellar (XLM)

Besides, Ripple is also delving deeper into DeFi, announcing plans to deploy more investment and staking services. Birla further shared that this move makes perfect sense as customers will want more services after buying and holding Ethereum.

On November 6, Ripple will support XRP released on Ethereum in December allowing XRP holders to interact with DeFi protocols. However, Ripple is still caught up in an ongoing battle with the SEC. In the latest development, Magistrates Court Judge Sarah Netburn ordered the company to find and produce audio recordings of its internal meetings as evidence in the case.

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