Flare Networks, a blockchain network start-up and Ripple partner, announced plans to integrate the Ripple (XRP) and Ethereum (ETH) ecosystems.
On Tuesday, August 25, the Ripple partner announced in a series of tweets, its plans to use its Spark (FXRP) token to bridge both platforms.
According to Flare, this would be one the first of its kind. The proposal “would allow FXRP to be used trustlessly on Ethereum as well as providing a scaling platform for Ethereum tokens and applications while giving access to the XRP market for existing Ethereum applications.” One of the tweets reads.
If successful, it would solve Ripple’s long-standing challenge of plugging its token onto Ethereum’s ecosystem.
In February, Flare launched a campaign in ETH Denver, challenging developers to come up with a solution to bridge XRP and ETH on Ripple’s Interledger Protocol (ILP). The campaign was sponsored by Xpring, Ripple’s development and investment arm.
“We believe that developers should be given a choice on how to solve their problems,” says Xpring. “We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid cryptocurrencies in the world, but doesn’t have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.”
Back in March, Ethereum co-founder Vitalik Buterin expressed concerns about the lack of synergy between Ethereum and Bitcoin.
Image Credits: Pixabay
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