Ripple’s XRP Ledger Joins Allbridge Network to Enable Cross-Chain Transfer of XRPL Tokens.
Allbridge, a digital platform that allows the transfer of cryptocurrencies between multiple chains, has announced that it has added support for Ripple’s XRP Ledger (XRPL).
? We are excited to announce that we have successfully integrated XRP Ledger with technical support from @RippleXDev!
? This integration will enable us to bring many unique #DeFi assets to the #XRPL.
? Find out more about the latest launch: https://t.co/Bnu42v1gGh
— Allbridge (@Allbridge_io) April 14, 2022
Following recent developments, Allbridge noted in an announcement that XRPL has become the 14th blockchain it will be integrating into its platform.
Some of the supported Allbridge’s blockchains include Solana, Terra, NEAR Protocol, and Binance Smart Chain (BSC).
With the addition of XRPL, Allbridge can conveniently link crypto assets on the Ripple network with other Ethereum Virtual Machine (EVM) compatible and non-EVM compatible chains that are supported on the network and vice versa.
The development comes three months after Allbridge disclosed that it would be integrating support for Ripple’s XRP Ledger.
Commenting on the development, Andriy Velykyy, co-founder and CEO of Allbridge, said:
“The integration with XRPL allowed us to deeply enhance our cross-chain expertise and offer a truly unique solution to the market. Our end goal is to establish an interconnected cross-chain environment.”
Velykyy added that the integration of XRPL to the project’s ecosystem has made Allbridge become the “first bridge to connect XRP Ledger with the expansive DeFi ecosystem.”
More Tokens to Join XRPL This Quarter
Allbridge noted that it plans on bringing more cryptocurrency assets to Ripple’s XRPL by the second quarter of 2022, and it has already commenced this groundbreaking effort by adding SOLO, a digital currency in the Sologenic ecosystem.
According to Allbridge, the integration was possible through the technical support it received from the Ripple team, adding:
“Together, Allbridge and Ripple are contributing to growing cross-chain interoperability as many in crypto build toward a multi-chain future.”
Development of Cross-chain Bridge
During the early days of cryptocurrencies, it was near impossible to move cryptocurrencies between chains.
Interestingly, several projects like Allbridge and Terra, had embarked on developing solutions to enable a borderless economy by developing solutions to easily transfer cryptocurrencies from one chain to another.
Meanwhile, Crypto Basic reported that Terra recently announced that its cross-chain Bridge network has added support for Solana, Avalanche, Polkadot, etc.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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