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Ripple Update: Plans to Launch Token Trading Service, wXRP Cross-Chain with Ethereum in December

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Ripple Update: Plans to Launch Token Trading Service, wXRP Cross-Chain with Ethereum in December

Ripple has been embroiled in a lawsuit for almost a year now. While XRP has seen some rebound, its market ranking has dropped to seventh place compared to other projects that have skyrocketed. Nevertheless, Ripple's official team has been actively expanding its business, launching new services for cryptocurrency trading, and entering the DeFi space on Ethereum in the form of wXRP tokens.

Ripple Liquidity Hub

Ripple announced on its official website the launch of a new cryptocurrency trading service called "Ripple Liquidity Hub," targeting enterprise users. The new service will initially support BTC, ETH, LTC, ETC, BCH, and XRP, with plans to introduce features such as staking and yield in the future.

The initial version of Liquidity Hub will be implemented through a partnership with the Bitcoin ATM company Coinme. Coinme operates thousands of Bitcoin ATMs in the United States and is expected to unlock additional features in the future.

Coinme ATM

Ripple claims that Liquidity Hub will seek the best prices from market makers, exchanges, and OTC through smart orders. Asheesh Birla, the head of RippleNet, likened smart orders to price comparison websites and mentioned the possibility of introducing Ripple's own custody services in the future.

In addition to Liquidity Hub, Ripple's XRP is also set to enter the DeFi space in the form of an ERC-20 token.

Wrapped XRP wXRP

According to the official announcement on Wrapped.com, Wrapped XRP wXRP, an ERC-20 version of XRP achieved through Wrapped.com technology, is set to launch in December. The wrapped wXRP is backed 1:1 by XRP and will be custodied by digital asset custodian Hex Trust.

This move will allow XRP holders to interact with various DeFi protocols. David Schwartz, Ripple's Chief Technology Officer, mentioned on Twitter:

Wrapped XRP is coming to Ethereum, which is great news for those looking to access XRP on Ethereum, DeFi, and smart contracts, as we ultimately move towards a multi-chain world.

As for the latest development in the Ripple lawsuit, Judge Sarah Netburn granted the SEC's motion on 11/8, ordering Ripple to submit internal meeting videos and recordings. The two parties will meet to negotiate which audiovisual files best meet the SEC's requirements.