Is Ripple Looking to Enter the Loans and Lending Market?

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Ripple was the latest member to make waves in the sector, as the company may have decided to enter the lending department. Although no details on implementation plans have been released, the XRP Army has seen positive signs in Ripple’s most recent job posting.

According to the official release of Ripple, the company is looking for a Director of Product Management in the Loans Department. Ripple stated that the role of the director was best suited to someone who was familiar with the company ‘s ethos and mission. Brad Garlinghouse, led by the organization, has been engaged in rampant hirings from across the mainstream sector, with the latest Vice President of Product Management coming from Google.

While the objective of Ripple in the lending sector has not yet been confirmed, it is safe to assume that they will be tasked with creating the relevant organizational structures for the functional offering of loans. Another deliverable was to understand how Ripple can better serve clients of RippleNet when it comes to working capital loans. According to the official release of the company:

“RippleNet traditionally served its customers with a cross border payment offering, however, Ripple is expanding into loans.  This person will bring a new loan product to market from concept to launch for RippleNet customers.  This person will bring strong leadership skills as they will need to collaborate heavily with cross-functional internal teams and the financial ecosystem of partners and customers.”

Recent reports have shown that the offer is still in its incipient phase, with customer feedback being a ‘make or break’ point. Providing working capital was a need for an hour, as several smaller companies were suffering from a lack of liquidity. Ripple believed that the On-Demand Liquidity [ODL] payment solution would serve as an engine for an efficient payment machine.

The story between Ripple and lending

Although the company is known across the board for its umpteen partnership, Ripple was also popular for its disruptive moves in the industry. Lending may now look like a new option, but surprisingly, the initial framework was first discussed in 2017. Three years ago, Miguel Vias, the former head of XR markets, said that lending would become a focus once the XRP system had been fully developed.

Vias even said that one day Ripple would try to bridge the gap between traditional markets and the cryptocurrency industry. This may be the reason why Ripple has not only partnered with crypto companies over the years but also with traditional banks. Some of Ripple’s most popular partners include MoneyGram, Flash FX and Banco Santander.

Effect on XRP Price

Ripple has always expected that its numerous updates and developments would one day contribute to the price of the XRP. Although the third-largest cryptocurrency was still struggling to find its feet, XRP supporters were still confident of a bull run.

At press time, XRP traded for $0.2 with a total market cap of $8.86 billion. A 7.83 percent dip over the past week caused the 24-hour market volume to crash to $2.26 billion.

Akash Anand: I am an engineering graduate with a leaning towards content and hard-hitting journalism. The aim has always been to gather the latest happenings in crypto and present it to the world.