Ripple announced the launch of its own credit product after several months of development.
Line of Credit solution is available in beta version and allows a limited number of customers to receive loans in XRP crypto currency. First of all, the offer applies to On-Demand Liquidity (ODL) service users.
"ODL users in RippleNet can get XRP from Ripple as a credit," writes the company.
Ripple does not disclose commissions, but claims they will be substantially lower than most other options available. "The offer is aimed at financial companies and small and medium businesses," she adds.
According to Ripple's own data, ODL currently has "over two dozen" clients, including MoneyGram, Viamericas and FlashFX money transfer services.
ODL is a cross-border money transfer service from Ripple and uses XRP as an intermediate currency. Ripple controls 6.2 billion XRP worth about $1.55 billion at the current exchange rate.
"This is the first time we are testing a product in lending. In the future, we can decide to create a more complete offer," said in Ripple.