Ripple to Launch Liquidity Hub, Plans DeFi Offering
Blockchain firm Ripple will launch a new service in 2022 that would make it easier for people to buy and sell Bitcoin and Ether.
Ripple’s Liquidity Hub to go Live in 2022
San Francisco-based blockchain firm Ripple has revealed that it will launch a new service called Liquidity Hub in 2022. The firm, which has focused on the XRP coin since it was launched a few years ago, said it would make it easier for people to buy other cryptocurrencies.
According to the blockchain firm, the Liquidity Hub would make it possible for its clients to buy and sell Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash and Ethereum Classic. The service will leverage Ripple’s existing On-Demand Liquidity Platform, which allows banks, market players and other financial institutions to carry out cross-border payments using XRP.
Ripple executive Asheesh Birla told Decrypt that the new offering came about in response to clients asking whether the firm could provide them and their customers with access to other cryptocurrencies.
Ripple Expands Into DeFi
The blockchain firm is also seeking to enter the decentralized finance (DeFi) space. The DeFi space has grown to become a $200 billion market and continues to grow as the adoption increases. Birla said, “After [clients] buy and hold Ethereum, it’s only logical they will want the next generations of services.”
Ripple said it intends to allow its clients to buy BTC, ETH and other cryptocurrencies by enabling them to scan various crypto exchanges, OTC (over-the-counter) desks, and other crypto sellers. This would make it possible for people to buy cryptocurrencies from their favorite trading platforms via the Ripple platform.
XRP has recovered excellently since the start of the year after losing more than 70% of its value after the SEC began its probe into Ripple and its connection with the cryptocurrency. Ripple has always maintained it is a separate entity from XRP.
At the time of writing, XRP is trading at $1.2 per coin, up by 465% since the start of the year.