Allbridge announces successful integration of XRPL (XRP Ledger). The announcement was first made in January.
Blockchain bridging platform, Allbridge announced on April 14 that the firm has “successfully integrated support for XRP Ledger (XRPL), a decentralized, public blockchain built for payments.”
What is Allbridge?
Allbridge is the platform that focuses on bridging blockchains, even with different protocol and governance systems, to transfer tokens and arbitrary data. Platform does it through building a trustable mechanism that enables both the blockchains to interoperate successfully. Notably, the market currently offers two sorts of bridges, one is centralised and the other is decentralized. Centralized bridge bases itself on federation or trust and decentralized bridge is mostly trustless.
Allbridge is a modern but simple and reliable blockchain firm that is capable of bridging both EVM (like BSC, Polygon, and Ethereum) and non-EVM (like Terra and Solana) blockchains. In the future it aims to cover NFTs and L2 (like Arbitrum, Optimism) solutions as well.
Making the blockchain world borderless and enabling people to transfer assets freely is Allbridge’s mission. As per the firm’s claim, they will become like a DAO platform in the future as they develop connections between EVMs and non-EVMs.
Allbridge says the factors that separate it from its competitors are that it provides EVM, L2 and non-EVM blockchains support, it is faster, it offers Architecture flexibility and Dynamic fees and reduction mechanics and it is much more secure.
Allbridge’s co-founder and CEO Andriy Velykyy discussed the partnership as such. Velykyy said that the partnership between Allbridge and Ripple brings to them a unique opportunity to integrate XRP ledger into their ecosystem. That will enable DeFi users in millions to engage with XRPL. To make it all come true Ripple will provide technical support whereas Allbridge will assist with bridging solutions. He vowed:
“Together, we contribute to growing cross-chain interoperability within the DeFi space.“