Line of Credit
Ripple Brings ‘Line of Credit’ on RippleNet. Now Lending XRP Tokens
You can now borrow XRP tokens on the RippleNet blockchain as the company announced the launch of its brand new XRP lending service. The blockchain enterprise is breaking into the lending space with its Line of Credit in which the various users can get XRP tokens from the network to access the capital.
The On-Demand Liquidity solution by Ripple makes it easy for the members to scale up their stakes. The company’s new service is already in the beta testing phase conducted by the RippleNet network users.
Line of Credit Service for RippleNet Members
RippleNet is bringing the new service to enable its members to lower the cost of the capital by facilitating the access to funds and start payments without the need to maintain a massive account balance. The company also added that the new credit system is straightforward and provides easy access to the global markets with the help of the already established RippleNet network. The competitive rates and scalable system helps increase overall trading efficiency.
Today, we launched Line of Credit—a new beta service that allows #RippleNet customers using On-Demand Liquidity to instantly source capital and initiate payments using XRP. Read more on Insights: https://t.co/2DHVXa2yD1
— Ripple (@Ripple) October 8, 2020
Named as “Line of Credit,” the new offering allows the various members to get the XRP tokens from the company in return of a onetime fee. This cuts down the transactional time accrued in any of the regular financial lending or loans arrangement. The new structure is cost-effective and acts as a catalyst to business growth by enhancing the liquidity within the system. Ripple is garnering humungous success in the crypto industry with its myriad offerings.
A Positive Move by Ripple
Venturing into the Line of Credit field makes it more substantial, strengthening its grip in the crypto markets. The company intends to be one of the strongest players in the payments arena by continually evolving and expanding its portfolio.
“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.” Ashish
The RippleNet members can now use the loaned XRP tokens to complete the payments across borders without any time-consuming credit arrangements for various markets. The Line of Credit makes cross border transactions seamless by giving access to more considerable working capital.
Final Thoughts
Ripple’s new offering would help the investors and businesses to garner better financial opportunities and scale up their business without worrying about working capital.