Apex Foundation Teaming Up With Ripple.
Since it entered the market in 2012, Ripple has partnered with various entities, including some central banks, to make cross-border transactions cheaper, faster, and easier.
This time around, the company is partnering with Apex Foundation to take XRP to Avalanche via a fully insured ApexBridge that will be built by Apex.
The insurance part will be handled by UnoRe, which is a platform that facilitates decentralized insurance and re-insurance Since bridges are a popular target for attacks.
The said bridge will be powered by the advanced cross-chain bridging technology developed by Catoshi.
📣 Partnership Announcement 📣
Read more below! ⬇️https://t.co/5Q245UoZZI
— Apex Foundation (@ApexFoundation_) May 31, 2022
The Partnership Is Making Waves
Basically, Apex’s role will be to facilitate the transfer of XRP from Ripple’s XRPL to Avalanche as well as various other networks running on the Ethereum Virtual Machine (EVM). The bridge will be subject to audits and penetration tests to ensure it runs smoothly before deployment. It will also support other DEXs via API access kits to allow integration with DeFi protocols. ApexBridge is expected to go live by the end of August 2022.
For the first time in Avalanche ecosystem, a Wrapped XRP (wXRP) on ApexSwap will be launched Once the bridge is deployed.
The CEO of Catoshi had a few facts to share about the partnership between the various companies:
“The tripartite partnership of Catoshi, Apex, and UNO is starting to make real waves in the space. It’s incredible to see all our hard work and graft coming to fruition, culminating in XRP’s integration. It really legitimizes our efforts to have such an established project connecting with us. As one of the big 5 projects in the space we believe this partnership will help drive us to the higher echelons of success in this space.”
Besides, the insurance arrangement with UnoRe means that security is guaranteed, leading to increased confidence and adoption. On its part, Apex is known to provide 100% network uptime. Furthermore, users will enjoy greatly reduced transaction fees facilitated by XRPL, a decentralized system known for its scalability, speed, cheap transactions, and security.