Xpring, the development arm of Ripple, will be supporting Equilibrium Connect as per the reports. The start-up is focused on creating open-source tools for the inter ledger protocol to encourage more business houses and people to use it.
Ripple developed the ILP solution to help the financial institutions to trade digital assets across various crypto-asset ledgers. The aforementioned open-source connector will help the user to navigate across multiple cryptocurrencies for the payment settlement. For the initial few days, the multi-asset connector will work for prominent currencies like Bitcoin, Ethereum and XRP.
Equilibrium Connect is the child company of Equilibrium Labs. It is mainly engrossed in providing infrastructure support for Web3 products. The company has the idea to deliver a platform to the cryptocurrency enthusiast, that will help them to connect various cryptocurrencies from a single interface. The company also believes to achieve this only ILP is the path.
The connect will allow the user to settle a payment using two different cryptocurrencies. The spokesperson of Equilibrium has told they believe the world needs a standardized interface for the payment and at present inter-ledger is the only technology available to suit the model.
Equilibrium connect was created to support current growths in the inter-ledger protocol and help the developers to integrate it into their application for the further growth of the ecosystem. The company also hopes to improve the financial institutions and start-ups for their functioning. They are planning to provide these companies with simple APIs.
This API with support in the fund transfer of these companies. It will also help the start-ups for their onboarding and user across the various network as well.
Back in 2015 inter-ledger protocol was founded by Ripple’s then CTO, Stefan Thomas & Evan Schwartz, the software engineer of Ripple. The protocol links different imbursement ledger, including XRP, through this currency can be sent across the world simply like information.
Equilibrium connect has the goal to make inter ledger more accessible. Although in spite of all this development it remains unclear how much money Ripple has invested in Equilibrium Connect. Until today Ripple has spent on at least ten to fifteen smalls to medium scale companies, for the growth of XRP network.