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

Industry News

Playtech to close Finalto sale to Gopher in two weeks

Playtech, the London-listed gambling software developer, today said it expects to close the divesting of its financial trading division Finalto by mid July 2022.

Retail FX

eToro valuation halved as SPAC merger deadline expires

The deadline for the completion of the SPAC merger of eToro had passed yesterday, June 30, and the Israeli broker apparently canceled the deal with Betsy Cohen-backed blank-check firm.

Institutional FX

FXSpotStream reports second best figure for monthly volumes

Trading volumes on institutional FX platforms surged in June after fears over the impact of Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Retail FX

Vantage expands MT5 offering with access to new stocks

ASIC-regulated foreign exchange brokerage Vantage has expanded its service offering and trading products by incorporating new markets, namely 14 exchange-based stocks on MetaTrader 5.

Digital Assets

CFTC charges $1.7 billion Bitcoin scam, largest to date

Mirror Trading accepted at least 29,421 Bitcoin from approximately 23,000 investors from the United States and even more throughout the world.

Retail FX

Spotware Systems upgrades cTrader Desktop to version 4.3

Spotware Systems, a technology provider for the electronic trading industry, has launched an updated version of its cTrader Desktop, which adds new functionality to join a roster of advanced trading capabilities.

Digital Assets

OKX launches Block Trading for tighter pricing

With Block Trading, users can integrate spot and derivatives trades on the same platform and trade multiple currencies in a single trade. The service supports trading of perpetual swap, futures, and option contracts with popular altcoins as the underlying.

Industry News

Interactive Brokers pays $1 million to settle with CFTC

Interactive Brokers overcharged its customers a total of $710,828.14.

Metaverse Gaming NFT

DappRadar launches cross-chain token staking

The launch of the cross-chain token staking mechanism by DappRadar comes under a partnership with LayerZero protocol, which enables smart contracts to communicate across different chains.

<