Apex Announces XRP Integration, Plans Bridge From XRPL to Avalanche

Summary:
• Node-as-a-Service provider, Apex, will integrate XRP and build a bridge from Avalanche to XRP ledger. What impacts is this likely to bring?

Apex, a company that provides Node-as-a-Service, has announced that by the end of August 2022, it would deploy a fully insured bridge connecting Avalanche and the XRP Ledger (XRPL). By connecting the XRP Ledger (XRPL), an open-source and decentralized blockchain for XRP, with EVM (Ethereum Virtual Machine) networks like Avalanche and others, ApexBridge makes it possible to send XRP quickly and securely. ApexBridge will leverage Catoshi’s ground-breaking Bridging Technology to ensure fast and secure transfers.  On the other hand, UnoRe’s decentralized insurance and reinsurance platform, will cushion against potential losses.

How the integration will impact Apex

To achieve cross-chain compatibility, Catoshi serves as a bridge between the several blockchains. Avalanche, Polygon, XRP Ledger, and Binance Smart Chain are the blockchains that Catoshi tokens can function on. The first decentralized platform for insurance and reinsurance, UnoRe uses an AI-based algorithm. Due to the fact that it runs on the Polkadot blockchain, it makes it simple for users to profit from trading and investing in the reinsurance market.

As a result, ApexBridge will be compatible with all DEXs and DeFi protocols via API kits for the XRPL. UnoRe, Certik, and Halbourne, will conduct intensive penetration tests on the bridge prior to it going into service. Apex and Catoshi will work together to make certain that the bridges meet the highest possible standards. The bridge’s safety will be on par with that of the current centralized type upon decentralization.

To further enhance security and decentralization, several Apex Nodes will be deployed on the bridge as de facto nodes. Consequently, this will lower latency and facilitate faster completion of transactions. Additionally, having insurance for assets on the bridge will boost the bridge’s liquidity. That will result in lower gas prices as more people use the bridge. Furthermore, Apex will be the first in the Avalanche ecosystem to offer Wrapped XRP (wXRP) on ApexSwap once the bridge is up and running. In the future, Apex hopes to make its nodes available on the XRP Ledger.