Ripple Labs, the fintech company behind the popular payment protocol, has expanded its liquidity hub to new regions as the platform continues to serve customers’ crypto needs.
In a blog post, Brad Chase, head of liquidity products at Ripple, announced that the company has opened the liquidity hub to customers in Brazil and Australia, in line with several new features and functionality added to the platform.
Ripple expands liquidity center
Ripple launched its liquidity hub in April, 18 months after announcing its intention to launch the product in 2021. CryptoPotato reported that Ripple plans to use the platform to support financial companies that want to offer crypto trading services by bridging the gap between digital assets and fiat.
The Ripple Liquidity Hub promotes mainstream adoption of crypto assets by acting as a standalone solution that allows businesses to manage their multi-asset liquidity needs. Initially available in select US states, the hub uses an intelligent order routing service to source cryptocurrencies from platforms such as exchanges, over-the-counter desks and market makers.
Assets available in Ripple’s liquidity pools include Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Tether (USDT), and Litecoin (LTC). Due to the company’s ongoing legal battle with the US Securities and Exchange Commission (SEC), XRP is currently unavailable. Ripple intends to add support for the token once the case is completed and regulatory clarity is achieved.
It is worth noting that the Ripple hub reduces the need to pre-fund capital positions to source liquidity across multiple platforms by bringing all major crypto asset pairs into one place.
New features and functionality
In addition to opening the liquidity hub for Brazil and Australia, Ripple introduced liquidity for some new crypto assets on the hub and plans to add support for other tokens to meet customer needs. The company has introduced new trading interface features and improved service level agreements for processing crypto deposits to improve customer experience across various segments.
Ripple announced that it has expanded into the new regions due to existing solid connections with its other companies and the presence of companies looking to adopt cryptocurrencies to meet their customers’ payment and liquidity needs.
“We are excited about a number of new features coming soon, including a sandbox environment and additional features to further enhance the experience for our customers,” Chase said.
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