ApexBridge to link XRP tokens from XRPL to Avalance and other EVM networks

Rick Steves

Blockchain firm Apex – not to be mistaken with Apex Fintech – has announced it is building a fully insured bridge from Avalanche to the XRP Ledger (XRPL), to go public by the end of August 2022.

The “true Node-as-a-Service provider” plans to launch ApexBridge, meant to facilitate a fast and safe transfer of XRP tokens from the XRP Ledger (XRPL) to Avalanche and other EVM (Ethereum Virtual Machine) networks.

ApexBridge will be provided insurance from UnoRe, a decentralized insurance and reinsurance platform, and will be powered by Catoshi’s Bridging Technology.

The firm also announced that, before going live, ApexBridge will undergo thorough audits by UnoRe and Certik, plus extensive penetration tests via Halbourne.

Decentralized insurance aims to stem confidence

ApexBridge will be open to all decentralized exchanges and DeFi protocols through API kits to XRPL to ensure seamless integration of its dApps.

Catoshi’s bridges are currently using a lock/unlock mechanism with node scripts and maintain centralized features for safety reasons, but the plan is to go fully decentralized, while ensuring the safety of the bridge will be of the standard of the current centralized model.

An allocation of Apex Nodes will act as de facto nodes operating on the bridge thus increasing decentralization and security, and reducing latency to allow transactions to be processed faster.

Decentralized insurance and reinsurance platformUnoRe plans to work with Apex, Catoshi, and XRPL to insure the tokens on ApexBridge as bridges are a popular target for attacks.

Insurance of the assets on the Bridge is expected to increase liquidity on the bridge due to increased adoption and as a result further drive down gas fees.

Once the bridge is deployed, Apex will be opening up Wrapped XRP (wXRP) on ApexSwap, a first in the Avalanche ecosystem, and eventually on the XRP Ledger.

Bridges are prone to a number of vulnerabilities

“The tripartite partnership of Catoshi, Apex, and UNO is starting to make real waves in the space. It’s incredible to see all our hard work and graft coming to fruition, culminating in XRP’s integration. It really legitimizes our efforts having such an established project connecting with us. As one of the big 5 projects in the space we believe this partnership will help drive us to the higher echelons of success in this space”, said Joshua, CEO of Catoshi.

Jaskanwar Singh, CEO of Uno Re, added: “Bridges are by their nature prone to a number of vulnerabilities – cross-chain protocols being as necessary to mass adoption of DeFi as they are, we believe that this sector of the Crypto space particularly needs adequate insurance to truly guarantee the safety of users’ assets. That’s why Uno Re is very excited to be protecting the ApexBridge between Avalanche and XRP.”

Tom Barr, CEO of Apex, said: “Apex is excited to launch on the XRP Ledger. This is yet another novel cross-chain bridging project, partnering with UnoRe and Catoshi for its creation and full insurance.”

Read this next

Opinion

The FX Algo Wheel, is it wheels up and ready to take flight?

by David Catterick, Sales Director, BidFX Australia

Retail FX

eToro users now can trade underlying Italian stocks

Israeli social trading and multi-asset brokerage company eToro has expanded its service offering and trading products by incorporating new markets, namely Italian stocks listed at underlying exchanges.

Digital Assets

BlackRock bets on crypto bank Silvergate despite drastic fall

BlackRock, the world’s largest asset manager, has increased its stake in Silvergate Bank, a crypto-friendly lender that counts major crypto exchanges like Coinbase and Kraken as clients.

Opinion

A viewpoint from Anatoly Crachilov, CEO and Founding Partner at Nickel Digital, on SEC regulation of the digital asset sector

The SEC’s latest episode comes across as more of a PR performance rather than an act of investor protection.

Digital Assets

Tether denies receiving any loans from Celsius, the opposite is true

World’s largest stablecoin issuer, Tether dismissed reports suggesting that it received a $2 billion loan from the bankrupt cryptocurrency lender Celsius.

Institutional FX

Cboe FX volume makes strong rebound in January

Cboe’s institutional spot FX platform today announced its trading volume for the month ending January 2023, which marks a mild rebound after a steep fall in December.

Uncategorized

XS.com appoints Exness alumni Mohamad Ibrahim as CEO

XS.com, the multi-regulated financial services provider, has appointed Mohamad Ibrahim as the group’s newest chief executive officer (CEO).

Technology

B2Broker Integrates Match-Trader Solution to Expands Its White Label Liquidity Offering

A global provider of technology and liquidity for the FX and cryptocurrency markets, B2Broker recently announced the extension of its white label liquidity offering by merging with Match-Trader.

Digital Assets

UK launches open consultation to regulate crypto exchanges, custody, and lending

The government’s proposed measures have been informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.

<