US fintech company Ripple is working on the development of its own loan solution, The Block has reported.
According to a job offer published by the company, Ripple is seeking to hire a director of product management for its lending division.
A company spokesman said:
"We are expanding our offering to loans to further support our customers with their working capital needs – something that we know is a huge pain point for many of them."
This new solution would reportedly allow the company to offer working capital loans to RippleNet customers. This type of loans are usually requested by SMEs to finance their daily business operations.
This new lending product will work in connection with the company's on-demand liquidity payment system (ODL), which uses the XRP token.
According to the company, even though the system is still in its early stages of development, it has already received positive feedback from some customers.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.