Despite the tension in the pending lawsuit with SEC, Ripple still decided to prepare to launch a new service called Liquidity Hub, which will allow its corporate clients to access cryptocurrencies.
Liquidity Hub will allow financial services companies to offer the ability to buy and sell cryptocurrencies to Ripple customers. At the same time, financial institutions and large enterprises can access cryptoassets 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 the alpha version of Liquidity Hub.
Ripple says customers will likely be offered 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 deploy other altcoins and NFT in the future. The feature is currently in preview but will launch in 2022.
RippleNet’s General Manager Asheesh Birla revealed that 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 who want access to the same trusted one-stop shop to buy, sell, and hold cryptoassets have supported the platform’s extensive work with financial institutions.
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 because 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 fight 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.