Allbridge, a prominent cross-chain bridge, announced today that it has successfully integrated support for the XRP Ledger (XRPL), one of the leading decentralized public blockchains built for payments. The company has added XRPL as the 14th chain.
Allbridge initially announced the integration of XRPL in January this year. Amid the growing adoption of the digital asset and DeFi ecosystem, the company has processed approximately $5.8 billion in transactions to date. Allbridge noted that the latest integration will allow the firm to link the XRP Ledger with several EVM and non-EVM compatible chains, including Solana, Terra and BNB Chain.
“Allbridge became the first bridge to connect XRP Ledger with the expansive DeFi ecosystem. 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”, said Andriy Velykyy, the Co-Founder and CEO of Allbridge.
In March 2022, Ripple announced its plan to accelerate the development of XRPL and committed 1 billion XRP for the initiative.
XRP Ledger’s Adoption
Throughout the last year, the total number of transactions on XRPL increased substantially. XRPL’s rising adoption across financial firms in Asia has played an important role in the recent surge in transactions. In March 2021, Ripple announced its plan to support central banks through a private version of XRPL.
Allbridge’s latest integration will bring DeFi to the XRP Ledger. “Leveraging the XRPL’s native decentralized exchange (DEX) will also allow for the trading of leading stable coins and DeFi tokens directly on XRP Ledger,” Ripple noted in the announcement.
“Throughout Q2 2022, Allbridge plans to bring many unique assets to the XRP Ledger, starting with SOLO, a token of the Sologenic ecosystem. Ripple provided Allbridge with technical support to integrate the XRP Ledger through its deep blockchain expertise,” the blockchain firm added.
