According to reports, Ripple is now leading the Interledger race with its Xpring solution. Currently, if the financial world should witness more crypto-adoption at a faster rate like has never been seen, Ripple will be one of the propellers of the new system.
The digital asset has landed another milestone and the XRP token has changed course for the better in recent days after what has been a dismal year. XRP’s price has slowly gotten to its feet once again in recent weeks. It appears Ripple will continue to enjoy more and more collaborations in the ecosystem.
XRP (XRP) Price Today – XRP / USD
Ripple is Gaining More Prominence in the Interledger Ecosystem
XRP’s position as a crypto to fiat network is now more prominent than ever in the eyes of financial institutions and users overall. It is in light of this that Ripple’s venture capital extension, Xpring, has decided to invest in the creation of open-source developer tools with Equilibrium Connect.
Per the report, the official announcement about the initiative was made by means of a Medium post by Equilibrium Labs CEO. Here is what the post said regarding the open-source developer tools:
“We believe that the world is in need of a standardized interface for payments. Hence we see Interledger as the most viable technology that is available right now with the required model for delivering on our vision.”
Equilibrium Focuses on the Development of Tools for the Interledger Space
Equilibrium Connect’s focuses on the development of tools for the Interledger space. It has a core protocol that is targeted at functioning as coordinates to route payments via any system and geographical location. According to the announcement, Equilibrium Labs’ reformed road-map constitutes of three major projects. These projects were highlighted via a tweet by @XrpCenter and they include:
- An open-source ILP connector (that is initial support for ETH, BTC, and XRP).
- Web services: offer a simple web API that will allow apps to interact with Interledger.
- The design and launch of a compliant onboarding user experience across ILP.
Xpring will Build Interledger Based Apps
Interestingly enough, the official statement by Ripple’s venture capital arm, Xpring, also highlighted the intention of the collaboration. Which is “to create Interledger-based apps of their own that will be capable of leveraging the network’s unique properties.” After that, the company’s statement concluded in this way:
“Considering the fact that our focus on Xpring for creating a developer platform in building an Internet of Value, the progress achieved has been encouraging. But we typically get excited about new partners to pursue our mission.”
Whether this initiative will propel the price of Ripple’s XRP remains to be seen. Only a matter of time before we find out. Meanwhile, Ripple’s XRP token is currently trading at $0.311401 at press time. The coin has a market capitalization of $13,350,599,203 and total circulating supply of 42,872,646,068 XRP as when this content was published.
CoinMarketCap lists XRP’s 24 hour trading volume as $981,622,690. Despite the fact that XRP price is down by 1.43% at in the last 24 hours, it has still performed well in recent days since changing course.