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Ripple launches first Fiat InterLedger Protocol Connector


Ripple team has recently launched its first fiat InterLedger Protocol (ILP) connector. The protocol is touted to be a giant leap towards traditional financial systems and also bolster crypto adoption. 

The team also confirmed that the ILP is not yet connected to RippleNet. It will be available once there is sufficient demand for the product.

Despite volatile crypto market XRP’s technological development is unperturbed and continues to forge ahead in full swing. Ripple has been working earnestly to accelerate adoption,  which would help financial institutions around the globe carry out both local and cross-border transactions faster, cheaper, and more comfortably.

Evan Schwartz, the co-inventor of InterLedger and an engineer at Ripple said he wishes that the ILPv4 would be the last version of the software for a long time.

He said “We’re hopeful that ILPv4 will be the last version for a long while. We’re bringing the ILP-connector up to production quality and starting to use it for micropayments over cryptocurrencies. The plugins for XRP, ETH, and ERC20 tokens should be good to use w/in 1-2 weeks.”

David Schwartz, the Chief Technological Officer at Ripple,  expressed his enthusiasm and said that ILP would become a global payment system. Back in 2018, Schwartz said that by connecting bank ledgers and existing infrastructure investments via ILP, banks down stepping stones in improvising global payments today. 

He further added that Ripple’s xRapid solution would make it possible for banks and other financial entities to save assets and time in the event of cross-border remittances.  

A look at Ripple’s Achievements 

In early February, Ripple launched an incentive-based growth program to promote the commercial use of RippleNet. The organization has assigned $300 million worth of XRP for the incentives. The program will be rolled out to increase volume and adoption of Ripple based payments.   

The rewards will come in the form of rebates in fees and support to the marketing team of the institutions when they reach integration and volume milestones. The discounts are enticing and further RippleNet’s transaction fees and support cost is also less than the conventional banking or SWIFT network currently in use.   

In another news reported by CoinMarketFeed, Ripple( XRP) has recently been ranked as one of the best employers in tech industry in San Francisco Bay Area. The survey was conducted by a research firm Good Place to Work (GPTW). Ripple ranked as the 17th top employer where 91% of employees reported that Ripple is a great place to work. Whereas, 95% were proud to work there.