Five months after Ripple (XRP) approved its plans in May, it finally launched its loan product. Ripple announced the news on Thursday; He said that his new product “Line of Credit”, which is currently in beta, will provide working capital loans as XRP to select customers.
Specifically, for Ripple customers using an On-Demand Liquidity (ODL) solution, this offer will be appropriate. The company said, "Those who use ODL on RippleNet can buy XRP from Ripple on credit, and added that a" fee "will be charged on the amount borrowed.
Ripple did not disclose the fees, but said it was "far less than most of the other available loan options." The proposal targets fintechs and small and medium enterprises (SMEs).
Ripple currently has "more than two dozen" ODL customers, including Moneygram, Viamericas and FlashFX. The ODL solution currently supports the Mexican, Philippines and Australian markets. Ripple said support for Brazil is "coming soon" and additional corridors continue for this year across Asia-Pacific (APAC), Europe, Middle East and Africa (EMEA) and Latin America (LatAm).
