Ripple Launches New Service Using XRP
Ripple has been making headlines due to the massive efforts to boost the whole XRP ecosystem, but also to push the adoption of the digital asset XRP.
Recently, it’s been revealed that XRP adoption saw a boost.
The firm continues to push for XRP adoption as the company reinvents two of its ventures.
According to the latest reports coming from the online publication, the Daily Hodl, Ripple is rebranding its XRP investment and development arm Xpring as “RippleX.”
More than that, Ripple for Good is being rebranded as “Ripple Impact.”
Ripple’s “Line of Credit” is live
According to the latest reports, Ripple’s new “Line of Credit” service is now live.
This offers the company’s customers an opportunity to borrow XRP for cross-border transactions.
The financial institutions and money service providers that use ODL (Ripple’s payment product that’s powered by XRP) can now borrow Ripple’s XRP for a one-time fee via an optional system that will move faster compared to the legacy financial options.
According to Ripple, this will be cheaper compared to other existing options.
According to Ripple, this is their move to build the Internet of Value and make money as easy to send as sending emails.
“Unlike incumbents who have large balance sheets that allow them to scale their business quickly, many fintechs and small and medium-sized enterprises (SMEs) lack the capital and resources to compete,” Ripple notes.
The company continues and explains that “Faced with stalled growth, customers turn to creating bespoke credit arrangements – with each partner, in each destination market. Each arrangement requires additional overhead and management, making it a slow, burdensome, and an ultimately inefficient process.”
Ripple’s Line of Credit is solving the problem for customers by offering upfront access to capital for markets.
This simplifies access to financial solutions, accelerating business performance, and scale.
Check out the complete press release.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.