Ripple launches ‘line of credit’ – to provide loans in XRP
Ripple finally launched its loan product, five months after the first confirmed his plans at The Block in May.
Breaking the news Thursday, Ripple mentionned its new “Line of Credit” product, which is currently in beta, would provide some clients with working capital loans in XRP.
Specifically, Ripple customers who use its liquidity on demand (ODL) solution would be eligible for the offer. “Those who use ODL on RippleNet can buy XRP from Ripple on credit,” the company said, adding that it would charge “a commission” on the amount borrowed.
Ripple did not disclose the fees, but said they were “much less than most other credit options available.” The offer is aimed at fintechs and small and medium-sized enterprises (SMEs).
Ripple currently has “over two dozen” of ODL customers, including money transfer companies MoneyGram, Viamericas and FlashFX. The ODL solution currently supports the markets of Mexico, the Philippines and Australia. Ripple once said that support for Brazil is “coming soon”, as well as additional corridors across Asia-Pacific (APAC), Europe, the Middle East and Africa (EMEA) and America. Latin (LatAm) are underway for this year. .