Crypto pundit BankXRP has highlighted that Ripple’s recent investment is strategic and boosts XRP’s utility as a cross-border payment asset. This comes as Ripple continues to expand its operations, with moves to further integrate XRP in its operations.
In an X post, BankXRP noted that Ripple’s backing of the cross-chain router Squid is strategic rather than random, as Squid supports the XRP Ledger as an integrated chain alongside Ethereum, Solana, Bitcoin, Stellar, and Cosmos. He added that the platform supports native-to-native swaps across over 1,000 apps and DeFi services.
As such, the pundit declared that Ripple just made the XRP Ledger accessible to the entire crypto ecosystem, thanks to its investment. Crypto commentator Xaif had first drawn attention to the investment, revealing that the crypto firm had backed the $6 million funding round for Squid. The cross-chain router is said to be live across more than 100 networks, with $6 billion in routed volume.
In line with this, Xaif declared that Ripple isn’t just building on the XRP Ledger but is also funding the infrastructure that connects all chains. Notably, at the Consensus Conference, Ripple CEO Brad Garlinghouse highlighted that the crypto space will continue to comprise several networks, indicating that the goal was to make their operations available across these networks in addition to the XRPL.
Ripple’s RLUSD stablecoin is natively issued on the Ethereum network alongside XRPL. Ripple has also partnered with Wormhole to expand the stablecoin to Ethereum layer-2 networks such as Base, Optimism, and Unichain. Meanwhile, Ripple’s custody services expand beyond the XRP Ledger as it provides custody services for Ethereum and Solana, along with staking services.
In another X post, Xaif highlighted how Ripple and other XRPL developers have built the network for XRP to dominate the privacy era and onboard institutions. He noted that the network has natively integrated zero-knowledge (ZK) proof technology. With this, transaction size, counterparties, and balances are all hidden from the public ledger, which is positive for institutional adoption.
The pundit added that regulators and auditors can still verify everything through selective disclosure, which makes the integration compliance-friendly. He noted that over 300 banks and financial institutions that have partnered with Ripple were waiting for privacy before going all in, and now they have it.
Furthermore, Xaif noted that the XRP Ledger is already built for payments, boasting 3 to 5-second finality and very low fees, making payments cost-effective using XRP. He added that XRP bridges fiat-to-fiat instantly via On-Demand Liquidity (ODL), with no pre-funded accounts required, making it hard for SWIFT to compete with XRP.
At the time of writing, the XRP price is trading at around $1.34, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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