In a bid to actualize it dreams to enable Internet Of Value, the U.S-based fintech company Ripple has announced the launch of Line Of Credit, a new beta service built on RippleNet.
According to the announcement, the latest launch will enable instant cross-border payment solution for Ripple’s customers using the On-Demand-Liquidity (ODL) platform.
The Line Of Credit solution is an initiative geared towards meeting the demands of companies with potentials for growth but lack substantial capital to implement business projects.
Per the announcement, the new credit services solution is not a loan subject to tax payment but a project that will finance the purchase of XRP tokens on credit.
Line Of Credit will allow small and medium enterprises (SMEs) to thrive amid competition well with large scale companies within the business world.
Using the platform, Ripple will grant upfront capital assess to customers via a single credit facility, which is a financial solution geared towards boosting business scale and growth.
The RippleNet Line Of Credit is also available for money service providers and financial institutions to provide swift and cheap cross-border payment services for their customers.
Meanwhile, the new solution will be offered only to qualified institutional RippleNet customers within geographical locations of availability, while terms and conditions will be subject to change.
This is not the first time Ripple will provide a solution platform. The company has leveraged technologies like XRP and Distributed Ledger Technology (DLT) to offer solutions that have been impossible in the past within the business world.
Coinfomania report that Brad Garlinghouse, Ripple CEO, stated that XRP was created to meet the unmet needs of Bitcoin.
Despite these positive developments, the value of XRP continues to worry holders as the coin struggles with a market price of $0.25 after losing its position as the third-largest cryptocurrency in the world by market cap.
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