Crypto company Ripple has entered into a partnership with evmOS.
According to a post on Cosmos‘ blog, Ripple and evmOS are collaborating to develop the Ethereum Virtual Machine (EVM) XRP Ledger (XRPL) sidechain based on evmOS technology.
💥 @Ripple & @EvmosOrg have joined forces to build an XRP Ledger EVM sidechain!The sidechain will be built with #evmOS – a production-ready modular solution that leverages Cosmos SDK, IBC, and CometBFT to bring EVM compatibility to Web3 businesses. XRPL future is #interchain pic.twitter.com/VEOO8dawlh
— Cosmos – The Interchain ⚛️ (@cosmos) May 14, 2024
The sidechain will be built using evmOS, a ready-to-use modular solution that uses Cosmos and CometBFT to provide EVM compatibility for web3 companies.
The Cosmos announcement also states that bringing the XRP Ledger to cross-chain means connecting a vast community of users, decentralized applications (dapps), and liquidity to a network of over 90 interconnected networks.
“The XRPL community now gains a passport to all Cosmos SDK chains, allowing its users to seamlessly interact with any applications they need.”
Cosmos team
Using Osmosis as an example, XRPL users can exchange assets with Osmosis in a single transaction without switching wallets or connecting to different chains, despite Osmosis not being an EVM-compatible network.
Ripple previously joined Swirlds Labs and the Algorand Foundation as a founding member of the DeRec Alliance. The initiative aims to simplify the adoption and recovery of digital assets.
Originally launched by ecosystem members Hedera and Algorand, Ripple and its division XRPL Labs have since joined as members of the Technical Oversight Committee with powers for two years.
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