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After a successful pilot last year, the Ripple Liquidity Hub for businesses was launched on April 13 to bridge the gap between cryptocurrencies and fiat currencies.
Interestingly, XRP was not mentioned at the product launch, which caused surprise and criticism from the community as it was among the digital assets mentioned during the product’s pilot phase.
On-Demand Liquidity (ODL), used primarily for cross-border payments, leverages XRP; Therefore, the asset’s omission from the Liquidity Hub came as a huge surprise to the XRP community.
In response to concerns about the XRP ban, Ripple has updated its blog post on the Liquidity Hub with more details on the assets now available and why.
As mentioned in the blog post, Liquidity Hub uses intelligent order routing to source a variety of digital assets at optimized prices across multiple liquidity venues, including market makers, exchanges, and OTC desks. These comprehensive, multi-vendor liquidity pools ensure liquidity is provided when users need it – from USD to BTC, ETH, ETC, BCH, LTC, USDC and USDT.
The blog post goes on to add, “XRP is under review alongside other tokens for support within the product. We look forward to supporting XRP as it receives regulatory clarity in the US.”
It’s about US companies and the risks they perceive – Deaton
CryptoLaw founder and attorney for XRP holders, John E. Deaton, expressed little surprise at the reason given for the omission of XRP from Ripple’s Liquidity Hub. He had previously suspected the Ripple SEC lawsuit as the reason.
He adds that the issue isn’t how Ripple perceives XRP, as it believes XRP is not a security as claimed, but about other companies, particularly US-listed companies, and the risk they perceive.
In December 2020, the SEC filed its lawsuit against Ripple, alleging the $1.3 billion sale of XRP constituted an unregistered securities offering. Last year, both parties filed motions for summary judgment, and the decision of the judge is currently awaited.
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