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XPR Ledger to Add Smart Contracts as Ripple’s Xpring Invests in Flare Networks

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  • Yuri Molchan
    📰 News

    Ripple’s investment subsidiary funds another promising startup to enhance the opportunities of XRPL and benefit developers who are building on it

XPR Ledger to Add Smart Contracts as Ripple’s Xpring Invests in Flare Networks
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Xpring, the Ripple’s arm dealing with investments, spreads the word that it has chosen another promising company for investing. Being interested in the sphere of decentralized finance, Xpring looks for a good opportunity to implement smart contracts into the XRP ledger.

Flare Networks, the company that Xpring has recently invested in, is going to help with that.

XRP ledger to add blockchain contracts

As the blog post by Ripple-invested Coil specifies, Flare Networks is a Turing Complete Federated Byzantine Agreement (FBA) protocol. The startup uses the Ethereum Virtual Machine, thus enabling any private or public networks to utilize smart contracts.

The Xrping's investments will be also used to enable further development of Flare.

The Flare Networks co-founder, Hugo Philion, says in the Flare blog:

“I am delighted to announce that XPRING, the investment arm of Ripple Labs, has just completed a strategic investment into Flare. The partnership and investment enables the company to further the development of Flare, and brings a wealth of resources and partners to enhance and extend the Flare, Xpring and XRP eco-systems. We look forward to working further with Xpring to serve their partner’s needs beyond payments.”

Since XRP allows users to conduct fast and cheap transactions, Flare is going to give it another use-case and help dev teams and companies use the XRP ledger and XRP for their purposes.

Among other partners of the Flare Networks are Singularity, Neuhanse Network, Securitize, etc.

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Xpring acquires Strata Labs

Recently, U.Today reported that Ripple’s subsidiary Xpring also invested in Strata Labs, a company which is developing the Interledger protocol (ILP).

Earlier this year, Xpring also invested in the Equilibrium Connect to streamline the adoption of Interledger.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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