Ripple says it’s looking to build a financial bridge between XRP and Ethereum (ETH).
The company launched a series of challenges at ETH Denver to pay coders who can connect the two cryptocurrencies on the Interledger Protocol (ILP). ILP was introduced by Ripple in late 2015, and is designed to give companies an easy way to exchange currencies, including both fiat and crypto assets.
According to Ripple’s investment and development arm, Xpring, the company believes a rising crypto tide will lift all boats. That scenario makes creating an effective way to swap between two of the largest cryptocurrencies by market cap well worth the effort.
“We believe that developers should be given a choice on how to solve their problems, which is one of the reasons why we think interoperability is so important for crypto and blockchain technology to reach mainstream adoption.
We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid crypto currencies in the world, but doesn’t have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.”
Xpring says it plans on working with an increasing number of blockchain and crypto communities in the future.
Since its inception, Xpring has allocated $500,000,000 worth of XRP to blockchain companies in an effort to grow the adoption of XRP and the industry at large.
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