Ripple has made it clear that cross border transactions will be the norm in the financial industry, and the company has made it clear that it will be followed by all its partners too. The Brad Garlinghouse led company has also created several products such as XRP, xRapid, xVia that have utilized this mantra and have, in turn, reaped significant benefits.
One of Ripple’s latest development has been Xpring, which has initiated a movement in the cross-border transactions department aimed to bolster capital movement. The investment arm of Ripple also recently announced that they had acquired Strata Labs, a small startup that uses the application to make progressive steps on the Interledger Protocol [ILP] network.
The company’s founders Austin King and Dino Rodriguez had decided to dedicate their time to building Interledger Protocol infrastructure through Strata Labs, which mainly oriented towards creating real utility at the intersection of fintech and cryptocurrencies. Xpring’s official blog had stated:
“ …we are excited to announce today that we are acquiring Strata Labs and officially welcoming Austin and Dino to the Xpring team where they will be based in our San Francisco office. Similar to the ethos here at Xpring, Strata is keenly focused on open-source projects and scalability. As we continued our collaboration on ILP, we realized the resources Strata developed around node operations and scalability were clearly tools that the entire ecosystem should benefit from and have access to.”
The partnership will also allow open-source Strata proprietary code to enable developers to work on their own projects on the ILP network. A recent report said:
“This demonstrates yet another way that Xpring, the open platform for money, is providing developers with the tools, services and programs to make it easier to build on the XRP Ledger and leverage ILP to realize the internet of value.”
Ripple’s technologies have been built with such an intent that it assists not just the cryptocurrency platform but also the mainstream financial world. These developments were also expected to bring about changes in the price and volume of Ripple’s native cryptocurrency XRP. However, at the moment, the token still stands in the third position on the cryptocurrency charts.
At press time, Ripple’s XRP stands at $0.29 with a total market cap of $12.866 billion. The token also boasts a 24-hour market volume of 1.46 billion USD after a weekly rise of 2.03 percent in terms of value.
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