Ripple’s Liquidity Hub Gives Access to XRP Trading
In a bid to get around current restrictions and improve its token, Ripple has now launched a product that will allow financial investors to trade its XRP token. The product, named Liquidity Hub, allows Ripple’s institutional partners to offer cryptocurrency buying and selling to their users.
Last month, we reported that Ripple announced the project and said that it would be launched before the year ends. The company has made good on its promise. Liquidity Hub will increase inventors’ exposure to cryptocurrencies. Through the financial product, they will have access to cryptocurrencies such as Ethereum, Ethereum Classic, XRP, and Litecoin.
Ripple is currently embroiled in a legal battle with the US Securities and Exchange Commission (SEC) but that has not stopped it from going ahead with the crypto product that will allow more people to invest in XRP. The Liquidity Hub will take off in 2022. It will be launched in partnership with Coinme, a US-based crypto exchange company that only facilitates bitcoin exchange.
In its announcement, Ripple said that in the future, the Liquidity Hub will also support non-fungible tokens (NFTs).
No Concerns About a Possible SEC Objection
According to Asheesh Birla, a GM at Ripple, the company is confident that the SEC will not object to the launching of its new crypto product. Birla maintained that the Liquidity Hub is simply a platform through which clients can access various assets and not an asset itself. He, however, noted that the ongoing lawsuit might have some bearing on the project.
Last week, the CEO of Ripple, Brad Garlinghouse, was reported to have expressed his confidence about a positive outcome of the legal battle. Garlinghouse said that he thinks that the judges involved in the case have now realized the far-reaching implications of the outcome and he hopes it would make an impact on their decisions.
On its part, the SEC has not made any public statement regarding the planned launch of Ripple’s new product. The SEC has also said little concerning the ongoing legal case in recent months. Many US crypto companies are reportedly awaiting the outcome of the case to decide what instruments and products that they can submit for approval.
As of writing, the SEC has approved some Bitcoin-based futures ETFs and ETPs but has refused to approve any crypto spot ETF. Ripple maintains that its global performance has not been dented by the lawsuit and its XRP token continues to trade within a comfortable range
Crypto Exposure Grows
The rate of crypto exposure in the US has increased in the last year. Recent reports by Statista show that more Americans now own crypto than in 2020. Crypto literacy has also grown in the US, thanks to the massive crypto gains that have attracted the top investment companies and super-rich individuals.
Some of the biggest financial services companies are now adopting cryptocurrencies and launching crypto trading features on their platforms. This has also contributed to the growing crypto exposure in the US and in other countries.
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