Allbridge Adds Support for XRP Ledger
Allbridge, a cross-chain bridge with more than $500 million in total value locked, is integrating the XRP Ledger (XRPL) as its 12th blockchain, allowing for the seamless transfer of its native digital asset XRP across Ethereum, Avalanche, Solana, Terra, Polygon, Fantom, Binance Smart Chain, Celo, Aurora, Harmony and Heco.
The integration will also bring assets such as $AVAX, $SOL, $LUNA and $MATIC — as well as the $USDT, $USDC and $UST stablecoins — directly to the XRP Ledger, leveraging its built-in decentralized exchange (DEX).
Allbridge is a simple, modern, and reliable way to transfer assets between different networks. To date, over $4.8 billion in transactions have been processed using the cross-chain bridge.
“This partnership offers us a unique opportunity to add the support of XRP Ledger, enabling millions of DeFi users to interact with the XRP ecosystem. Allbridge will provide the bridging solution to make it possible and Ripple the technical support. Together, we contribute to growing cross-chain interoperability within the DeFi space,” said Andriy Velykyy, co-founder and CEO of Allbridge.
The XRP Ledger was created in 2012 with the first DEX. Other capabilities inherent to the XRP Ledger such as auto-bridging allow for assets transferred to the XRPL to access the DEX’s existing liquidity to create synthetic order books for assets. Pathfinding functionality also allows assets to find an efficient path for a trade. For example, say you’re looking to trade from BTC into ETH on the XRPL DEX, and there is no ETH/BTC liquidity, but there are ETH/USD, BTC/USD, ETH/XRP, and BTC/XRP pairs. Pathfinding will execute the trade by finding the most efficient path within seconds, via XRP or another bridge asset, where liquidity is best. Since its inception, more than $200 billion has been traded on the XRP Ledger’s DEX.
Allbridge’s XRP Ledger integration is expected to go live at the end of Q2 2022, for which Ripple will provide technical support.
Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM and non-EVM compatible blockchains, that aims to cover L2 solutions and NFT transfers in the future.
Allbridge’s mission is to make the blockchain world borderless and provide a tool to freely move assets between various blockchains.
Ripple is a crypto solutions company that transforms how the world moves, manages and tokenizes value to inspire new business models and create more economic opportunity. Our long-term vision is to enable the Internet of Value, where the world moves value like information moves today. Through RippleX, we contribute to accelerating the Internet of Value by inspiring and enabling developers to build solutions that use the XRP Ledger, its native digital asset XRP, and related technologies.