The Ripple development team has launched the first fiat InterLedger Protocol (ILP) connector, and it is expected to be a big step towards interoperability with traditional financial systems and gain massive adoption.
Ripple Launches First Fiat ILP Connector
During the ILP Summit 2019, the team behind the development of ILP including Vanessa Pestritto launched the first ILP—Fiat connector. In a presentation by Stephen Thomas, the co-founder of InterLedger, a streaming payment demo was carried out at the summit.
— Vanessa Pestritto (@vanessadice) April 5, 2019
But she was not the only one. As shaping and promoting blockchain interoperability, the overall XRP community is super excited as enthusiasts believe this feature could be vital in spurring crypto and most importantly XRP adoption.
— Warren Paul Anderson (@warpaul) April 6, 2019
Despite headwinds, XRP technological development continues to build, forging ahead as they seek to make Ripple’s objective possible. However, massive adoption continues to evade them. Ripple has been working hard to change that narrative by rolling out products that would help financial institutions all over the world make it easier for their customers to carry out both local and cross-border transactions faster, cheaper, and more comfortably.
The launch of this ILP could make it easier for financial institutions to deal with cryptocurrencies and fiat. At the same time, a move that would be critical to the crypto market gaining widespread adoption over the coming years.
ILP Would Become a Global Payment System
David Schwartz, the Chief Technological Officer at Ripple, is convinced that the ILP would become a global payment system. Back in 2018, Schwartz said “by connecting bank ledgers and existing infrastructure investments via ILP, banks are taking the first steps in improving global payments today — and in enabling a true Internet of Value.”
Following the development of the ILP, Schwartz added that Ripple’s xRapid solution would make it possible for banks and other financial entities to save time and money when carrying out cross-border remittance. He pointed out that Ripple’s products would lay the foundation for the next five decades in the world of finance.
We're hopeful that ILPv4 will be the last version for a long while. We're bringing the ilp-connector up to production quality and starting to use it for micropayments over cryptocurrencies. The plugins for XRP, ETH, and ERC20 tokens should be good to use w/in 1-2 weeks
— Evan Schwartz (@_emschwartz) January 30, 2018