Ripple’s tech incubator and investor’s arm, Xpring has completed an investment into the smart contracts platform Flare Networks.
Extending The Flare, Xpring and XRP Ecosystem
On Nov. 5, Flare Networks reported that the partnership with Xpring will bring the company a “wealth of resources and partners to enhance and extend the Flare, Xpring and XRP ecosystems.”
Flare Network will integrate Ethereum Virtual machine in enabling public and private networks to leverage smart contracts.
Flare says that it will soon release a draft token whitepaper that will include details of its native coin which is algorithmically managed, pegged stablecoin.
Xpring further explained:
“Flare’s native token will be an algorithmic stablecoin created in part by burning XRP, and payments for a contract can be made and received in XRP via Interledger, which will be integrated with Flare.”
Xpring added that Flare will use “the XRP address and encryption system to provide XRP users with a virtually seamless way of interacting with smart contracts on the Flare Network,”. This will ensure in leveraging the XRP Ledger while enabling contract settlement and app development.
Xpring to Build XRP DeFi Products
On Sept 28 cryptonewspoint reported that Ripple made its first move towards building Decentralized Finance (DeFi) products based on XRP. With its advantage of decentralized payments platform Logos Network, Ripple’s investment arm, Xpring, is going to add nine New York-based engineers.
Source: Flare Networks | Xpring Platform
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