Linear Finance, the decentralized finance (DeFi) protocol, announced on Monday that it has listed XRP, the cryptocurrency associated with blockchain firm Ripple, on its trading platform.
In a post shared on the X social media platform, Linear Finance proclaimed the "liquid version" of XRP is now available for trading on Linear Exchange.
This comes as a positive development for XRP, which was recently relisted on major exchanges like Coindesk, Kraken and Bitstamp following a favorable court ruling in the Ripple case.
Launched in January 2021, Linear Exchange is a relatively new player in the crypto ecosystem. It is part of Linear Finance's suite of decentralized applications (dApps), the development of which was fueled by a $1.8 million seed round in 2020.
Investment firms like NGC Ventures, Hashed, CMS Holdings, Genesis Block and Kenetic Capital led the round, positioning Linear as a notable contender in the DeFi space.
The protocol claims to be the first cross-chain compatible, decentralized delta-one asset protocol, capable of creating, trading and managing synthetic assets.
The listing of XRP on Linear Exchange may serve to broaden the asset's liquidity and provide traders with more options.
It also marks a continuation of positive momentum for XRP, coming on the heels of its relisting on larger, more established platforms.
The recent court ruling appears to have breathed new life into the Ripple-affiliated cryptocurrency, increasing its appeal among both individual and institutional investors.
However, potential traders should remain cautious. Despite the relisting of XRP on multiple platforms and the positive legal outcomes for Ripple, the cryptocurrency is not out of the woods, considering that the SEC is now appealing the case.
Vladislav Sopov