Allbridge Adds DeFi to XRP Ledger

Allbridge, a company that transfers assets between networks, has added support for XRP Ledger (XRPL), a decentralized, public blockchain developed for payments, currency exchange network Ripple announced Thursday (April 14).

The integration was first introduced by Allbridge in January. Today, the company said it has delivered on its promise with the addition of XRPL as the 14th chain.

This newest version allows Allbridge to connect XRPL with number of Ethereum virtual machines (EVM) and non-EVM compatible chains, including Solana, Terra, NEAR Protocol, BNB Chain, Fantom and other chains supported by Allbridge.

Leveraging the XRPL’s native decentralized exchange (DEX) also promises to allow trading of stablecoins and decentralized finance (DeFi) tokens directly on XRP Ledger, per the release.

“The integration with XRPL allowed us to deeply enhance our cross-chain expertise and offer a truly unique solution to the market,” Andriy Velykyy, co-founder and CEO of Allbridge, said in a statement. The goal, he added, is to establish an interconnected cross-chain environment.

During the second quarter, Allbridge said it will add 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 blockchain expertise, the company said. Together, Allbridge and Ripple are “contributing to growing cross-chain interoperability as many in crypto build toward a multi-chain future.”

Last month, Ripple announced it will commit 1 billion XRP to develop new use cases on the XRP ledger.

Read also: Ripple Commits 1B XRP To Advance XRP Ledger Development

This is an extension to the XRPL Grants program, which rolled out in 2021 and has awarded $6 million to open-source projects built on the ledger.

Ripple said it plans to provide support to introduce developer programs, and over the next 10 to 20 years, the XRP donated will be disbursed to developers who are looking to build and scale their apps.