NFTs represent a breakthrough in cryptocurrency technology, bringing ownership to the internet. While still in its infancy, by 2028 the NFT market size is expected to reach $97.6 billion according to an analysis by Research and Markets.
To address this growing category, Supermojo – a payments and financing platform designed to make digital assets and NFTs more accessible to users – is the latest company to use Ripple’s Liquidity Hub.
Liquidity Hub is a platform that seamlessly bridges crypto and fiat systems. Through the Liquidity Hub and Ripple’s product line, businesses will be able to access both optimized crypto liquidity and a comprehensive payout network, powering use cases from crypto payments to crypto operations and more. Today, Liquidity Hub is now available to customers in the US, based on jurisdiction.
Use of crypto-liquidity for better customer experience
Although NFT marketplaces and storefronts have become more popular, they have yet to offer the payment methods most people are familiar with when buying online. “Buy now, pay later” experiences like Supermojo are critical to providing a more seamless, intuitive and accessible NFT buying, funding and custody experience for crypto-natives and novices alike. To power this experience, Supermojo internalizes the complexities of crypto trading required to purchase NFTs with Liquidity Hub.
Previewed last year, Liquidity Hub draws on Ripple’s years of experience in providing on-demand liquidity for use in its cross-border payments solution. We later realized the opportunity to commercialize this product as a stand-alone solution for clients interested in acquiring a variety of crypto-assets.
“At Ripple, we are committed to helping businesses unlock value through transformative crypto solutions. With a decade of experience in crypto and working with traditional financial institutions, we are uniquely positioned to help clients seamlessly bridge the new world of digital assets with the traditional world of fiat. With Liquidity Hub, we are one step closer to bringing the valuable internet to life,” Brad Chase said, Head of liquidity products at Ripple.
Supermojo facilitates point-of-sale financing to make NFT purchases easier for improved post-sale liquidity. Supermojo partners with marketplaces and storefronts to provide these services. Today, they use Liquidity Hub to source ETH on demand for customers buying NFTs and to manage their financial operations internally.
“NFTs are a massive technological innovation, but to grow, they need to be much more accessible to the everyday user,” said Craig DeWitt, founder at Supermojo. “With Supermojo, we bring the ease of use of traditional payment experiences to customers interacting with NFTs. With Liquidity Hub, we are able to better manage our liquidity internally and access ETH and other cryptocurrencies at the best prices for our customers, to make this a reality.”
The future is bright for crypto-liquidity and payments
Leveraging Liquidity Hub to finance the purchase of NFTs is one of many use cases enabled by the platform. From crypto payments and donations to payroll, treasury management and more, the future is bright and undoubtedly promises new use cases, applications and exploration of crypto liquidity for businesses worldwide.
Find out how your company can leverage crypto solutions through Liquidity Hub. Availability may vary by jurisdiction.
