Fintech start-up Ripple on Tuesday said it’s launching a new product that lets financial services firms offer their customers the ability to buy and sell cryptocurrencies.
The San Francisco-based company said the feature, called Liquidity Hub, will give its enterprise clients access to digital assets from a range of sources including market makers, exchanges and over-the-counter trading desks.
Clients will be able to offer trading in a selection of cryptocurrencies including bitcoin, ethereum, litecoin, ethereum classic, bitcoin cash and XRP, Ripple said. The company also hopes to offer other digital assets like NFTs, or non-fungible tokens, in future. The feature is currently in a preview stage but is set to launch in 2022, Ripple said.
Founded in 2012, Ripple is closely associated with the cryptocurrency XRP. The company markets XRP to financial firms as a kind of “bridge” for speeding up international payments with its On-Demand Liquidity product.
With nearly $60 billion worth of tokens in circulation, XRP is the seventh-biggest digital currency globally, according to CoinMarketCap data.
Ripple also sells a platform called RippleNet, a financial messaging service which is used by banks and other financial institutions to send money across borders. Ripple touts its offering as a competitor to SWIFT, the global interbank payment network.
Ripple is in hot water with the U.S. Securities and Exchange Commission over XRP. The regulator is suing the company and executives Brad Garlinghouse and Chris Larsen for allegedly raising more than $1.3 billion through an unregistered securities offering. Ripple is fighting the suit, contending that XRP should not be considered a security.
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