Ripple Unveils New XRP-Based Loan Product To Finance Instant Cross-Border Payments

Ripple Unveils New XRP-Based Loan Product To Finance Instant Cross-Border Payments
ôîòî ïîêàçàíî ñ : zycrypto.com

2020-10-10 19:04

Blockchain firm Ripple, which has recently threatened to leave the United States if the regulatory climate does not improve, has launched a new XRP-based loan product dubbed “Line of Credit”.

The product is currently in beta and will let On-Demand Liquidity (ODL) customers access working capital loans to conduct cross-border transactions using Ripple’s XRP cryptocurrency. “Those using ODL on RippleNet can purchase XRP from Ripple on credit,” a blog post explained. Ripple notes that Line of Credit is not a loan subject to tax obligations but rather a payment option to finance the purchase of XRP coins. 

The new offering is a solution aimed at helping companies that have the potential for growth but do not have enough capital to execute their goals. In particular, Line of Credit will give fintechs and small and medium-sized enterprises (SMEs) an edge on the competition with established large enterprises.

According to the blog post, customers will be charged “one fee on the amount borrowed, with no hidden fees”. Additionally, the loans will be approved much faster than through legacy financial channels.

It should, however, be noted that Line of Credit will only be available to eligible RippleNet institutional players as retail customers and the general public will not be able to use the product. Moreover, its availability will be limited to geographical locations which could change in the future.

The new lending offering is the latest move in Ripple’s objective to develop the Internet of Value (IoV) and make money transfers as easy as sending an email. Notably, Ripple first revealed plans to develop a new service that would provide working capital loans to its RippleNet customers back in May this year. Five months later and the San Francisco-based firm has delivered on its promise.

The ODL service, launched in 2018, currently has over two dozen customers. The XRP-based liquidity network is now live in the Australian, Mexico, and the Philippines market. Ripple has also announced plans to open more payment corridors in Brazil, Asia-Pacific (APAC) as well as Europe, the Middle East, and Africa (EMEA) sometime this year.

Nevertheless, the price of XRP has continued to struggle for momentum despite these encouraging developments. The cryptocurrency is currently consolidating at $0.25, still failing to recapture its former number three position in market capitalization. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ripple (XRP) íà Currencies.ru

$ 2.2387 (-0.01%)
Îáúåì 24H $11.214b
Èçìåíåèÿ 24h: -0.83 %, 7d: -7.85 %
Cåãîäíÿ L: $2.1858 - H: $2.2889
Êàïèòàëèçàöèÿ $128.173b Rank 4
Öåíà â ÷àñ íîâîñòè $ 0.2551 (777.58%)

ripple product cross-border new xrp-based loan let

Èñòî÷íèê: zycrypto.com

ripple product → Ðåçóëüòàòîâ: 126


XRP is a “Big Game Changer,” says Ripple SVP Asheesh Birla Regarding RippleNet Payments Business

Asheesh Birla, the SVP of Product at Ripple while speaking with Ginger Baker, the senior director of product at Ripple recently talked about RippleNet, XRP among other things. Starting with what exactly Ripple is trying to solve, he explains how the initial idea was to move money like information. But today still sending money is […]

2019-4-16 18:05


Ripple Executive Reveals Plans for Dubai Office Expansion, Believes XRP Will Solve Liquidity Problem

Several of Ripple’s executives have taken the stand to share what they believe Ripple is all about and how far the firm has come in terms of delivering products and attracting new investors. This has since been reported by Bitcoin Exchange Guide, where the SVP of Product, Asheesh Birla, Director of Product, Craig DeWitt and […]

2018-11-1 03:08


XRP Price Analysis September 12th: Ripple’s Moving Ahead, XRP Coin Lacking

Adoption is the foundation of any successful product and that is what Ripple the company has been eyeballing in the last eight months. And they have been largely successful. Different by different objectives, the RTXP protocol was designed with financial institutions and remittance service in mind and the more they join the network, the more […]

2018-9-12 18:04


Ôîòî:

Ripple Adds Exchanges to xRapid Platform to Bolster XRP Ecosystem

On August 16, 2018, San Francisco-based blockchain startup Ripple announced the addition of three crypto exchanges as preferred partners to its flagship cross-border payments product xRapid. Ripple’s XRP has long been criticized as a token with zero utility; however, the new partnership with crypto exchanges is a step forward in developing a healthy XRP ecosystem.

2018-8-20 06:00


Ripple’s Much-Anticipated ‘Convergence’ Set to Tie in xRapid and xCurrent Using xVia

Ripple’s ‘Convergence’ to Bring xRapid and xCurrent Together using xVia? Ripple users, like any of those that firmly support any kind of cryptocurrency, have been in an extensive discussion regarding why the majority of Ripple's existing partners are using its xCurrent product as opposed to others, such as the xRapid? That's a bit of a […]

2018-8-19 06:05


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

XRP Could Be The Altcoin To Recover Quickly, CryptoQuant Analyst Explains Why

XRP has crashed alongside the rest of the cryptocurrency market, but this analyst thinks the asset could be the one to find a quick recovery. XRP Has Been The Top Traded Altcoin On Binance This Month In a new CryptoQuant Quicktake post, community analyst Maartunn has talked about how the altcoins currently compare against each other based on their monthly Binance futures trading volumes.

XRP Whales Loading Up – Data Reveals Buying Activity

XRP has faced a sharp downturn over the past few days, shedding over 23% of its value since Tuesday. This steep correction has mirrored the broader market’s turbulence, intensifying negative sentiment around XRP.

XRP, Solana Among Altcoins Witnessing TD Buy Signal, Analyst Reveals

An analyst has pointed out how XRP and Solana are among the altcoins that have just observed a Tom Demark (TD) Sequential buy signal on their 4-hour prices. Four Altcoins Are Seeing A Buy Signal On The TD Sequential In a new post on X, analyst Ali Martinez has talked about the TD Sequential signal that four different altcoins have seen on their 4-hour charts.

XRP Price Shows Resilience While BTC Sinks Deeper

XRP price remained stable above the $2. 20 support zone. The price is consolidating and might aim for a fresh increase above the $2. 40 resistance. XRP price remained stable above the $2. 20 zone. The price is now trading below $2.