Ripple launches service for buying and selling cryptocurrencies

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Ripple will launch a service called Liquidity Hub in 2022 that will allow users to buy and sell BTC, ETH, XRP, LTC, BCH, and ETC.

This was announced in an interview with Decrypt by Ripple CEO Asheesh Birla. The service will be connected to the On-Demand Liquidity (ODL) international payment system, through which banks, market makers and various financial institutions make international payments using XRP. One of the first users of Liquidity Hub will be the American crypto ATM operator CoinMe.

According to Birla, the idea to create a Liquidity Hub came about in connection with numerous questions from users to Ripple, whether the company will be able to provide them with access to other cryptoassets. Ripple users will be able to buy and sell these cryptocurrencies by “scanning” various cryptocurrency exchanges and over-the-counter (OTC) platforms using the new service. Ripple also plans to offer staking and other services related to investments in DeFi tokens and non-fungible tokens (NFT).

“It will be similar to the Google Flights search service, only people will compare cryptocurrency rates. Having bought ether or another cryptocurrency, it is quite logical that users will want many other services, ”Birla said.

He added that Ripple has already forged relationships with banks and market makers who have a large customer base. In addition, Ripple will partner with custodian services to securely store users’ digital assets. Over time, Ripple may launch its own custodian service, which will open up an additional source of income for the company.

Meanwhile, Ripple is making new strides in international markets. Recently, the company’s management announced that it will provide ODL service in the Middle East and North Africa in partnership with the international company Pyypl. In July, Ripple launched the ODL system for money transfers between Japan and the Philippines.

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