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From Cross-Border Payments To Loans: Ripple Is Expanding Into Working Capital Lending For Its RippleNet Customers

Altcoins 2020/05/13 19:07 by Brenda Ngari
Renowned Analyst Believes Ripple Has The Potential To Disrupt The Global Remittance Market. But There’s A Caveat

Ripple, the company behind the XRP cryptocurrency, is better known for its cross-border payments services to banks and payment providers. The blockchain payments startup is now branching out to working capital loans for its customers. Ripple is, therefore, actively looking for a person to fill the position of a Director of Product Management for the new RippleNet loan product.

According to Ripple’s careers and job page, the firm is looking to hire a product director for its new venture. This director will lead the efforts to develop and launch Ripple’s new loan product that will give over 300 RippleNet customers access to working capital loans.

The suitable candidate for this role should have adequate product launch experience and should fully understand how Ripple can better serve its RippleNet customers with working capital loans.

The new director will be based at Ripple’s headquarters in San Francisco and will report to the Vice President of Product Management, Amir Sarhangi (former Google exec).

For those unaware, a working capital loan is a loan that a company takes in order to finance its short-term operational needs. RippleNet is one of Ripple’s payments solutions that provides real-time settlement to customers.

As such, a blockchain-based loan product provided by Ripple would not only significantly reduce the time it takes for firms to receive working capital loans but also improve transparency between the actors involved. 

For Ripple, a firm that aims to revolutionize the finance industry by improving the way people move money from one place to another, this new working capital loan product will be very helpful for companies in need of loans to fund their everyday operations.

Notably, the job posting does not specify whether XRP cryptocurrency will be involved in any way in the new product.

It is worth mentioning that Ripple is also reportedly seeking to hire a Staff Software Engineer, Liquidity, to help the firm build an “enterprise-grade distributed trading platform” that will provide real-time access to cryptocurrency markets.

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