Ripple has launched a new product enabling the customers of financial service firms to buy and sell cryptocurrencies.
The fintech start-up has been tussling with the US Securities and Exchange Commission (SEC) for more than a year now, with the regulator arguing that Ripple sold XRP, the company’s main cryptocurrency, in what was purported to be an unregistered securities offering.
A year of court battles has not stifled Ripple’s ability to innovate and adapt. The new feature, referred to as Liquidity Hub, will allow enterprise clients to browse through cryptocurrencies and digital assets from numerous trusted sources, including exchanges, market makers, and OTT desks.
Clients who access Liquidity Hub will be able to purchase a number of coins, including Bitcoin (BTC), Litecoin, Bitcoin Cash, Ripple and more. The company remains hopeful that it could list more digital assets, besides crypto tokens, such as non-fungible tokens (NFTs).
The decision to launch the service comes at a time when BTC is experiencing new record levels, allowing the cryptocurrency to push its market capitalization and send a “ripple effect across all other crypto”. BTC hit $68,000 eclipsing its previous record set in October.
Cryptocurrencies have been adopted more rapidly across the mainstream PayPal, Mastercard, Goldman Sachs, and others. While Ripple has not settled the case with SEC, in which the company is accused of selling $1.3bn of unauthorized securities, Ripple seems confident to pursue the matter.
Meanwhile, RippleNet’s general manager Asheesh Birla has argued that the company’s new tool will serve as “an aggregator for various liquidity venues and individual assets”.
Birla is confident that Ripple can see this feature through as the company has vast experience collaborating with financial institutions, exchanges, brokerages and market makers.