Ripple’s Investment arm, Xpring, has acquired Strata Labs to facilitate the Interledger Network development within its ecosystem. The crypto payments-oriented firm is looking to increase its blockchain accessibility as more clientele join the industry for money transfer solutions.
Strata Labs is a crypto startup focused on designing Interledger Protocols for smooth integration with payment systems. The firm was started by Dino Rodriguez and Austin King while they were University students and has since evolved to serve the existing ILP niche. Ripple’s acquisition is therefore no surprise given the rise in demand for ecosystems that support digital payments. Furthermore, open protocols have created a platform for creativity and innovation to solve FinTech inefficiencies.
Former CTO of Ripple, Stefano Thomas, had built a blockchain agnostic protocol that can integrate a number of blockchain networks to ease money transfer. As a result, Ripple bought ILP oriented, Equilibrium Connect, in August to smoothen its Interledger adoption. Strata being the latest acquisition is expected to supplement the existing features through its open-source protocol. Developers will be able to create their own projects within XRP’s ecosystem supported by the Interledger Network.
The move will see Strata Labs shift its operation to San Francisco where Xpring’s offices are based. Both Ripple and Strata Labs stand to benefit from the move; the latter will get more support and a wider exposure while Ripple leverages their expertise in ILP development.
Ripple’s Swell Event in November
Ripple’s upcoming Swell event to be held in Singapore on the 7th and 8th of November has caused speculations of a price surge by the XRP crypto coin. The event is held annually and aims to bring together policy makers, FinTech and Financial service providers to reflect on the developments within the digital payment arena. This year’s event will have prominent guest speakers such as Dr. Raghuram Rajan who formerly worked as India’s Reserve bank Governor and a Chief Economist in IMF.