- Ripple Has Just Launched a Line of Credit That is Piloted by RippleNet Customers
- All Customers Using Ripple’s On-Demand Liquidity Solution are Entitled to the Line of Credit if They Have Limited Capital
Ripple News Today – Ripple has announced a beta service Line of Credit to fund instant cross-border payments. Customers under the RippleNet umbrella who are using Ripple’s ODL service will be able to source capital on-demand whenever they are interested in making cross-border payments on a large scale using XRP. This Line of Credit will be useful to small and medium-sized fintech establishments. This limited access to working capital has prevented many of these companies from reaching their full potential.
Ripple News Today – What You Need to Know About Ripple’s Line of Credit
By simplifying access to financial solutions, Ripple will help these small and medium scale businesses boost growth and maximize resources. FinTech institutions can use the XRP token to make low-cost, instant international remittance. All they have to do is purchase XRP tokens from Ripple on credit. When they purchase the XRP on credit, they will have to pay a single fee based on how much they have borrowed. Ripple says that there are no hidden charges and they should expect to get the approval as quickly as possible.
Since it is based on on-demand liquidity, they will be able to get capital free from pre-funding. They will be able to invest in the expansion of their businesses and worry about paying for the XRP later when they have become profitable. The release of a line of credit is one of the many moves Ripple is making to meet its goal of providing an internet of value and eliminating the barriers in traditional finance. They will leverage Ripple’s Distributed Ledger Technology and the XRP token.
Ripple has made a lot of progress in the financial sector over the years. Things that were never possible in the past can be done successfully using the Ripple blockchain. The current line of credit Ripple is offering will only be available to RippleNet customers who use their on-demand liquidity solution. It will not be available to regular retail customers.
Ripple has been getting a lot of good news over the last few months. A while ago, Ripple partnered with Lemonway to work on a new remittance platform to work on an instant, low-cost Euro-to-Euro remittance. RippleNet is not progressing as fast as they should but they are currently operating in 45 countries across six different continents around the world. With time, they will meet their overall goal of becoming the number one option for banks and financial institutions all over the world.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.