Ripple Labs, a leading blockchain payments company utilizing XRP as its native digital asset, has announced the launch of a new product called XRPL EVM Sidechain. This innovative solution aims to introduce Ethereum Virtual Machine (EVM) compatibility with the XRP Ledger (XRPL).
The XRPL EVM Sidechain is poised to revolutionize decentralized finance (DeFi) development by empowering developers to create next-generation Web3 applications. One of the notable features of the XRPL EVM Sidechain is its utilization of Wrapped XRP (eXRP) to seamlessly facilitate transaction fees.
The development of the XRPL EVM Sidechain was made possible through the collaboration with Peersyst on the Axelar network. Ripple’s decision to partner with the Axelar network stems from its esteemed reputation in the blockchain industry and its track record of facilitating connections between more than 50 blockchains, supported by a network of 75 validators.
The launch of the XRPL EVM Sidechain signifies a strategic move by Ripple to accelerate the adoption and development of its products. Earlier this week, Ripple unveiled a fund aimed at supporting blockchain innovation in Japan and South Korea. Additionally, Ripple announced its acquisition of Standard Custody, further expanding its portfolio alongside Metaco in the realm of cryptocurrency custody solutions.
Moreover, the introduction of the XRPL EVM Sidechain will play a pivotal role in the adoption of Ripple’s fiat-backed stablecoin, slated for release later this year on both XRPL and Ethereum platforms.