Home » Latest News » Ripple Partners with Axelar to Enhance Interoperability for XRP Ledger Blockchain

Ripple Partners with Axelar to Enhance Interoperability for XRP Ledger Blockchain

A strategic collaboration was established by Ripple and the Axelar Foundation to enhance interoperability on the XRP Ledger (XRPL) network. The aim is to advance the tokenization of real-world assets (RWA) and enhance growth within the blockchain ecosystem.

Ripple and Axelar partnership for XRP Ledger interoperability
Source: Coinbackyard

Through this partnership, developers will gain access to Axelar’s General Message Passing (GMP) technology, empowering them to execute smart contract calls across more than 55 blockchains. By making it easier for decentralized apps (dApps) to be deployed on the XRPL, this integration promotes an ecosystem that is more integrated.

David Schwartz, Ripple’s Chief Technology Officer, and XRPL co-creator emphasized the significance of real-world asset tokenization in driving the blockchain economy forward. He sees traditional lending platforms implementing tokenized RWAs widely, opening the door for collateralized loans.

Axelar, a Canadian startup founded in 2020, offers an inter-blockchain communication layer that facilitates secure data exchange without intermediaries. Stablecoins and large-cap assets will have liquidity thanks to the XRPL DeFi ecosystem’s integration of Axelar’s network. Moreover, developers will be able to leverage the XRPL’s native features. These include the native decentralized exchange (DEX)and upcoming automated market maker (AMM). They aim to capitalize on advanced RWA and DeFi capabilities.

This collaboration represents a significant milestone in blockchain interoperability, bridging connections between the XRPL and Axelar’s network ecosystem. By broadening the scope of interoperability, the initiative opens new pathways for utility and innovation within the blockchain landscape.

The integration of Axelar’s network with XRPL is scheduled to launch in May, promising to enhance blockchain interoperability and utility. Follow XRPL.org and axelar.network for further updates on this groundbreaking partnership.

About Axelar Network:

Scalable cross-chain solutions are made possible by Axelar, a programmable Web3 interoperability platform that links more than 50 blockchains across a safe, scalable network.

About The XRP Ledger (XRPL):

The XRP Ledger is a decentralized layer 1 blockchain known for its reliability and stability in tokenizing and exchanging crypto-native and real-world assets. Trusted by over 1,000 builders and businesses worldwide, XRPL offers institutional-grade functionality. It enables secure, efficient, and scalable financial services and use cases.

February 28, 2024 at 9:10 am

Updated February 28, 2024 at 9:10 am

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