Blockchain firm Ripple is currently developing a market-making platform for its XRP coin
Ripple to develop an XRP market-making platform
Global payments company Ripple has revealed that it intends to develop a crypto market-making platform for its XRP coin. A source close to the matter told CoinDesk that Ripple is already hiring staff in London and Singapore to build the platform.
The source said, “The company is looking to recruit as many as 10 people and is focused on initially hiring a crypto trader with experience with arbitrage between different exchanges, and a marketing and sales person, who will be tasked with building relationships with liquidity providers and exchanges.” Furthermore, the new group will be divided among Singapore, London and New York.
Ripple is still locked in a legal battle with the US SEC
Ripple has been locked in a legal battle with the United States Securities and Exchange Commission since December. The SEC accused Ripple of launching and issuing XRP tokens as securities.
The accusation led to a massive drop in XRP’s price. However, XRP is now trading above $1, indicating that the market had recovered from XRP’s woes a few months ago.