The market for decentralized finance (DeFi) has gained a lot of traction lately. Every day new innovations continue to develop across the DeFi space and more companies enter the industry. According to Ripple’s chief technology officer David Schwartz, the San Francisco based blockchain payments company is currently exploring the area.
In an interview with BlockDown TV, Schwartz noted that the company plans on offering more services with its blockchain-based solutions, and services pertaining to the DeFi space is one of them. He said:
“We’re also looking into offering other services through RippleNet – things like loans, or if DeFi grows, offering DeFi services to institutional partners.”
The CTO said this when he was asked where he sees Ripple’s network of banks and financial institutions five years from now. Schwartz, who is also one of the founding fathers of the XRP ledger, expects RippleNet to become a single solution for different services for institutional-grade clients.
“One of the unique things that Ripple has is we have our software in the transaction flow of all these financial institutions and banks, so we can develop some new product or services, or even something that comes from the DeFi space, and we can offer it immediately right into the transaction flow of those institutions.”
However, this isn’t the only indication we’ve got from Ripple about its plans for the DeFi space. Last year, the company’s investment arm, the Xpring initiative, acquired the payments platform Logos Network, to build decentralized financial products that leverage XRP at its core.
Furthermore, there was also a job posting that surfaced back in March, hinting that the company is looking to develop a “next generation trading platform.” The company plans on integrating the platform into its XRP-powered cross-border payments solution, ODL.
XRP still stagnant
On the other hand, XRP hasn’t been performing too well over the past weeks. Considering some of the popular tokens like Chainlink (LINK), Tezos (XTZ), and Cardano (ADA) all made some major moves.
As of now, the popular altcoin is trading around $0.195, down 3.3% over the past week. The losses for XRP over the year amounts to 34.3%.
The 200-day SMA on the XRP/USD chart is flatlining at $0.21, which is an optimistic sign for short term development. The next resistance level stands at $0.1985, followed by $0.2015.
The first level of support is at $0.184, followed by the second one at $0.175 and the third one at $0.163.