Can not find requested coin!

Ripple Launches ‘Line of Credit' Beta on RippleNet, Allows ODL Customers to Borrow XRP

“XRP is the key behind what only RippleNet can offer.” - said RippleNet GM Asheesh Birla

Ripple is introducing another use case for its digital asset XRP.

The company launched a new beta service on RippleNet called ‘Line of Credit' to allow its customers to use On-Demand Liquidity (ODL) to borrow from Ripple to initiate cross-border payments using XRP.

“XRP is the key behind what only RippleNet can offer,” said Asheesh Birla, GM of RippleNet.

For now, the price of XRP hasn’t reacted to the news much enthusiastically, currently trading at $0.256, along with the green market.

By removing one of the “biggest” barriers, limited access to working capital, to growth, Ripple intends to help small and medium-sized companies (SMEs) and FinTechs to keep on growing without freeing up already limited capital, which involves additional overhead and is a slow, burdensome, and inefficient process.

This capital can then invest in the business to expand into new markets and reach new customers.

Ripple’s latest solution will be providing its customers with upfront access to capital for every market through one credit arrangement.

With no hidden fees, those customers who use ODL on RippleNet can purchase XRP from Ripple on credit, for which they are charged one fee on the amount borrowed.

As per Ripple, this service has already been piloted by RippleNet 300+ customers, although it didn’t provide any specific names.

“Early customer feedback on the Line of Credit beta shows that the service is helping money transfer service businesses make global transactions even more affordable for their customers,” Birla said.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,271FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today