Ripple launches 'Line of Credit' — to provide loans in XRP

advertisement

Ripple has finally launched its loan product, five months after the company first confirmed its plans to The Block in May.

Announcing the news on Thursday, Ripple said its new product "Line of Credit," which is currently in beta, would provide select customers working capital loans in XRP.

Specifically, Ripple customers who utilize its On-Demand Liquidity (ODL) solution would be eligible for the offering. “Those using ODL on RippleNet can purchase XRP from Ripple on credit,” said the company, adding that it would charge "one fee" on the amount borrowed.

Ripple did not disclose the fee, but said it is “a lot less than most other available credit options.” The offering is aimed at fintechs and small and medium-sized enterprises (SMEs).

Ripple currently has "more than two dozen" ODL customers, including money transfer firms MoneyGram, Viamericas, and FlashFX. The ODL solution currently supports Mexico, the Philippines, and Australian markets. Ripple once said that the support for Brazil is "coming soon," as well as additional corridors across Asia-Pacific (APAC), Europe, Middle-East and Africa (EMEA), and Latin America (LatAm) are in progress for this year.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More