By Shelly Melancon (Switzerland)
There seems to be an increased number of collaborations and partnerships between traditional financial institutions and digital financial platforms in recent times. RippleNet has announced a project to launch a platform that will help financial institutions to enlarge their reach while providing clients with exposure to cryptocurrencies.
This was announced via a post on Ripple’s blog on Tuesday. In the post, the firm explained that it was ready to deploy an innovative solution called “Liquidity Hub” that will help fintech firms to integrate crypto trading services on their platforms. Ripple is committed to the future of cryptos and has adopted a policy that places the industry first. In the post, Ripple also mentioned that fintech companies must begin developing strategies to access crypto assets.
RippleNet’s Official Statement
Asheesh Birla, the General Manager of RippleNet, said that Ripple created the Liquidity Hub in 2019 and has used it since then. He stated that the fintech firm has been using it to process its market liquidity service since then and that they are looking to give more users access to that same service as they explore the cryptocurrency market.
RippleNet will collaborate with Coinme, one of the largest crypto companies in the US and the first to be licensed to manufacture and deploy Bitcoin ATMs in the country. Coinme will collaborate with RippleNet on the first release of Liquidity Hub. The collaboration is expected to drive mutual growth and development across their various industries.
Also read:As part of efforts to broaden its services, Ripple will also launch its DeFi platform. The platform will help users to gain access to decentralized finance through which they can carry out borrowing, lending, staking, and earning rewards. Users will be able to engage DeFi smart contracts through the wrapped native token of Ripple, wXRP. This token will allow smoother entries into DeFi projects that are built on the Ethereum network.
The SEC Vs. Ripple
Since December 2020, Ripple has been involved in a running legal battle with the United States Securities and Exchange Commission, SEC. The SEC had accused Ripple of selling unregistered securities and raising over $1billion in funds for its founders. Ripple denied wrongdoing and has been in court since early 2021 to find a solution.
The SEC has repeatedly called for regulations in the cryptocurrency market to reduce risk and provide a stable environment for investors. In the last few weeks, the SEC and other regulatory agencies in the US have collaborated to find a lasting path on crypto regulation. The effort was led by the President’s Working Group (PWG) which made a dozen recommendations to the government.
It is understood that the outcome of the SEC vs. Ripple case would set the tone for regulations in the crypto industry.
XRP has performed relatively well in the crypto market, considering the legal battles that its parent company faces. The token has even been praised by analysts for “absorbing the negative impact of the court case”. XRP currently trades at $1.24 after losing 1.58% in 24 hours.
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