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Ripple to launch liquidity service for six cryptocurrencies

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San Francisco-based fintech firm Ripple has announced the launch of “Ripple Liquidity Hub” in 2022. Thus, integrated with the On-Demand Liquidity platform, the service will allow financial institutions to offer customers the trading and storage of Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Bitcoin Cash (BCH) and Ethereum Classic (ETC).

Moreover, with the help of smart order routing, Ripple Liquidity Hub via the API (Application Programming Interface) will provide the best prices from global cryptocurrency exchanges, over-the-counter desks and market makers. The product will eliminate the need to distribute funds among various intermediaries.

According to the general manager of RippleNet, Asheesh Birla, the service can be considered as an “aggregator for liquidity providers and individual assets.”

Providing the storage of cryptocurrencies

In an interview with Decrypt, a top manager said that a group of custodian partners will provide the storage of cryptocurrencies. Therefore, in the future, Ripple is ready to take over this functionality, providing another direction of revenue generation.

The launch of the Ripple Liquidity Hub will be a response to the requests of the participants of the “On-Demand Liquidity” system. The first client will be cash-to-crypto vending machine service Coinme.

In the future, the startup intends to expand its line of assets; including non-fungible tokens (NFTs), and add staking, as well as crypto savings accounts.

Supporting NFT

Recall that previously in September, Ripple launched a $250M fund for NFT creators. Ripple’s Creative Fund will provide funding and technical support to representatives of the NFT sector. Above all, the company is negotiating cooperation with NFT marketplaces and creative agencies.

Earlier in July, Ripple supported the Mintable NFT platform as part of a $13 million Series A funding round.

In addition to Ripple, Animoca Brands, Expedia Group, former Bill Clinton adviser Doug End; Shutterstock founder John Oringer and other investors supported the platform. Moreover, the founder and CEO of the company, Zach Burks, told that there was no leading investor in the round. All participants contributed the same amount of money.

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