Ripple Is Ramping Up Its Web3 Developments, Here’s How

Ripple has come a long way since its inception. CoinMarketCap ranks Ripple (XRP) as the seventh-largest cryptocurrency. XRP was created in 2012 by Jed McCaleb and David Schwartz to serve as the native currency for the XRP Ledger. The XRP Ledger is an open-source, permissionless technology. It stands out for its affordable cost, scalability, speed, and carbon neutrality.

The XRP Ledger and its native currency, XRP, are used by developers to create efficient remittance and asset tokenization solutions. Payments, tokenization, DeFi, CBDCs, stablecoins, and payments are just a few of the key uses for the XRP Ledger today. The team is also developing support for NFTs.

Ripple is working on building its web3 ecosystem

Ripple is eyeing expanding its wings in the web3 realm. In one of the recent tweets, Ripple’s official Twitter handle made a tweet. The tweet states that the company is searching for passionate web3 enthusiasts to join the team.

A San Francisco-based design consultant, btrax, announced a relationship with Ripple at the beginning of September.  As part of the agreement, both organizations will collaborate to develop a Web3 design lab that is anchored on the XRP Ledger. However, the collaboration is part of a vision to aid Japanese firms to bolster their web3 businesses.

Ripple also opened its first office in Canada a few months back. The office is set to act as an engineering hub and plans to expand by hiring in Toronto.

In December 2020, the SEC filed charges against Ripple and its directors Brad Garlinghouse and Chris Larsen for failing to register XRP with the organization. The government asserts that the defendants violated federal securities laws as a consequence.

The price of XRP drastically dropped when the matter was first made public. However, a recent increase in community support has helped the coin gain momentum. The lawsuit is likely to be resolved by next year.