Ripple’s development arm Xpring is backing Equilibrium Connect, a company focused on building open-source tools for the Interledger protocol (ILP).
Ripple built the ILP to give financial institutions a way to settle payments across a wide variety of different digital asset ledgers.
Equilibrium Connect says it plans to build and operate an open-source multi-currency connector that initially supports Bitcoin, Ethereum and XRP. The connector will allow two parties that use different cryptocurrencies to seamlessly settle a transaction.
“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 was birthed to support the ongoing development of the Interledger protocol and grow the ecosystem by building tools to make it easier for developers to integrate Interledger into their applications.”
The company says it plans to cater to enterprises and make it easy for companies to get up and running.
“We will provide a simple web API allowing applications to interact with the Interledger network and quickly move funds between networks, shards or traditional payment systems…
We will be designing and implementing an easy and compliant on-boarding experience for users across the network.”
Equilibrium Connect’s parent company is Equilibrium Labs which builds infrastructure solutions for Web3 products and services and offers a platform for building derivatives on Ethereum.