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Ripple leads Interledger race with Xpring’s Investment in Equilibrium Connect

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Ripple leads Interledger race with Xpring’s Investment in Equilibrium Connect
Source: Maxpixel

As the mainstream financial world witnesses crypto-adoption at a pace never seen before, Ripple’s position as a crypto-fiat bridge has become more eminent in the eyes of institutions and general users. It is in light of this purpose that Ripple’s venture capital arm, Xpring, has invested in building open source developer tools via Equilibrium Connect. The official announcement for the same was made via a Medium post by the CEO of Equilibrium Labs. The post said,

“We strongly believe the world needs a standardized interface for payments and see Interledger as the only technology available right now with a viable model for delivering on that vision.”

Equilibrium Connect’s focus on developing tools for the Interledger ecosystem and its core protocol is aimed at serving as coordinates to route payments across any system and geography. According to the announcement, the company’s reformed road-map is constituted by three primary projects, which was highlighted by @XrpCenter’s tweet,

“1) An open source ILP connector (Initial support for BTC, ETH and XRP).

2) Web services: provide a simple web API allowing applications to interact with the Interledger network, and

3) Design and implementation of a compliant on-boarding experience for users across ILP.”

Interestingly enough, Xpring’s official statement also highlighted its intentions “to build Interledger-based applications of their own that leverage the network’s unique properties.” The statement concluded by stating,

“Given our focus at Xpring on creating a developer platform to build the Internet of Value, this progress is encouraging but we always get excited about new collaborators to pursue this mission.”

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.