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One of the leading enterprise blockchain companies has launched a new line of credit that will benefit emerging fintechs.
Ripple, which has 500 employees and nine offices around the world, specializes in commercial products that are currently used by customers in more than 55 countries.
Line of Credit is a new beta service on RippleNet that allows customers using On-Demand Liquidity (ODL) to access “capital on demand” and facilitate cross-border payments via XRP, its native digital asset.
Ripple clients have access to “ alternative liquidity solutions ” via the company’s worldwide network that uses XRP Ledger and the digital asset XRP, to create seamless and fast credit payment services globally.
Companies using on can buy XRP from Ripple on credit. They can then receive credit approvals faster than traditional routes. Already piloted by RippleNet clients, the scheme has proved highly successful because it offers companies the opportunity to use capital released from pre-funded sources. This allows them to reach customers in new markets.
The benefits are explained in a statement released by Ripple, which states: “Limited access to working capital is one of the biggest obstacles to growth for many companies. Unlike incumbents who have large balance sheets that allow them to scale their business quickly, many fintechs and small and medium-sized enterprises (SMEs) lack the capital and resources to compete.
He continues: “Faced with stalled growth, customers are turning to tailor-made credit arrangements – with each partner, in each target market. Each deal requires additional overhead and management, making it a slow, burdensome and costly process. ultimately inefficient “.
The new line of credit service solves these challenges for customers by providing instant access to capital for all sectors through a one-step credit agreement. The credit line also operates through existing financial systems, which means companies can improve their payment infrastructure, but it doesn’t need to be replaced.
The statement concludes: “The credit line is the latest step in Ripple’s vision to enable the Internet of Value and break down barriers in finance. This is a unique new service that financial institutions and financial service providers can use to continuously provide customers with cheap, real-time cross-border payments. “
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