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’s Line of Credit will 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.
“Line of Credit,” the new offering allows the various members to get the XRP tokens from the company in return for a one time 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.
A Positive Move by Ripple
Venturing into the Line of Credit field makes Ripple 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.
Asheesh Birla, the GM of Ripple said “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.”
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.
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.