In recent months we have seen that the cryptocurrency market is starting to see more diversity. Price actions for various cryptocurrencies have taken their own route instead of following Bitcoin as they used too. However, this divergence is not good as it is further increasing volatility in the already unstable market.
Now Ripple’s (XRP) development department Xpring is supporting Equilibrium Connect. The firm specializes in developing open-source tools for the Interledger protocol (ILP). Ripple developed the ILP in order to provide financial institutions a way to trade across a variety of different digital asset ledgers.
Now the company is planning on creating and an open-source connector that shall allow users to navigate through various cryptocurrencies in order to settle a payment. Initially, this multi-asset connector will only support Bitcoin, Ethereum, and XRP.
The company believed that the world needed a platform that would allow people to access a wide variety of cryptocurrencies with a standardized interface. It also stated that currently, ILP was the only way to achieve it.
Equilibrium Connect was established to further the development of the Interledger protocol and aid the crypto ecosystem to grow beyond its current limitations. Moreover, it aimed to make the integration of Interledger easier through various open-sourced building tools.
The company hopes to cater to financial institutions and aid in starting companies and get them running. They aim to provide such companies with a simple web application programming interface (API).
This will allow companies to transfer funds across different networks easily. Through this capacity Equilibrium Connect hopes to provide an easy onboarding experience for startups and users across a variety of networks.
Equilibrium Labs is the parent company behind Equilibrium Connect. It builds infrastructure solutions for Web3 products while offering a platform for building derivatives on Ethereum.