Cosmos announced its partnership with Ripple and Peersyst. Cosmos will provide its evmOS, which the two companies will use to build and develop the XRPL. The XRP Ledger (XRPL) EVM Sidechain is currently being developed in Devnet.
The collaboration among these companies is poised to bring versatility to Ripple’s XRP Ledger by enhancing interoperability.
Thanks to Evmos, the #XRPArmy joins the open, scalable, and interconnected economy of the future: the interchain.
Learn more about Ripple x Evmos and how evmOS leverages Interchain Stack components to unlock a modular-interchain EVM solution ⬇️https://t.co/2h6Kdhfi9E
— Cosmos – The Interchain ⚛️ (@cosmos) May 14, 2024
The evmOS provides an advanced technology stack that enables Ethereum Virtual Machine (EVM) compatibility and full customization on top of the Cosmos Standard Development Kit (SDK).
Ripple’s XRP Ledger, through this partnership will have access to over 60 Cosmos-based SDK chains, through the Inter-Blockchain Communication Protocol (IBC).
Also Read: Ripple, Hedera, Algorand, and XRPL Labs Join DeRec Alliance
XRPL’s interoperability features are anticipated to be extremely impactful in the ecosystem, considering its veteran status in the industry. The interchain will benefit from the large number of users on the XRP network.
Evmos brings Ripple’s XRPL EVM Sidechain to the Interchain
Head of the DeFi Product at Ripple, Jasmine Cooper, said,
“Bringing the XRPL EVM sidechain to the Interchain with evmOS represents a signficant mileston in expanding the XRPL ecosystem. By leveraging evmOS technology, we can offer developers unparalleled flexibility and customization options, enabling them to build innovative cross-chain applications that tap into the vast potential of the XRPL and the broader interchain ecosystem. We believe utilizing evmOS will accelerate the growth of the XRPL EVM sidechain and unlock new opportunities and users”
Solving interoperability issues on the XRP Ledger will expand blockchain activities on both ecosystems.
As Cosmos describes it, the partnership expects a ripple effect – pun intended.
Evmos Pledges $5 Million Grant to Ripple’s XRP Blockchain
Evmos on X expounded on the magnitude of this partnership. EVMOS mentioned how XRPL’s liquidity, as shown by its market cap of about $27 billion, will be beneficial to Interchain.
Also Read: Ripple CTO Hint Progress in XRPL Stablecoin
Also, EVMOs announced a grant funding of 5 million on the XRPL EVM chain to kickstart the project. The potential of this partnership is massive, as expressed by EVMOS, highlighting the ability of the XRPArmy to tap into any of the Cosmos decentralized applications.
The three companies have reportedly been working together for the past year on this project, developing the much awaited XRPL EVM sidechain, currently on Devnet.
Cryptopolitan reporting by Collins J. Okoth.
