Ripple has been making headlines a lot even in the middle of this global crisis that’s been triggered by the pandemic. This is due to their achievements and various deals that they have been able to close.

The firm is working hard to boost the complete XRP ecosystem, but also to push the mass adoption of the digital asset XRP.

Via its products, especially the XRP-powered ODL, Ripple plans to overcome the flaws of the traditional payments system used by decades by banks and financial institutions, SWIFT.

Ripple explores DeFi

Ripple chief technology officer David Schwartz said that the company is exploring whether it should offer decentralized financial (DeFi) services to its institutional partners.

According to the online publication the Daily Hodl, during a recent interview with BlockDown TV, Schwartz was asked where he sees the firm’s network of banks and financial institutions five years from now.

He said that he’s hoping that RippleNet can be a one-stop shop and the first choice for institutions that plan to make various types of payments.

Ripple plans to have new offerings

Schwartz also mentioned that Ripple wants to offer new products as well.

“We’re also looking into offering other services through RippleNet – things like loans, or if DeFi grows, offering DeFi services to institutional partners,” he said.

He continued and explained as cited by the online publication mentioned above that “One of the unique things that Ripple has is we have our software in the transaction flow of all these financial institutions and banks, so we can develop some new product or services, or even something that comes from the DeFi space, and we can offer it immediately right into the transaction flow of those institutions.”

Ripple also made sure to point out that the firm wants to build a next-gen trading platform – the plan is to also integrate the platform into its XRP-powered On-Demand Liquidity. Whether this will also involve DeFi still remains to be seen.

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