Xpring has announced that it has acquired Strata Labs to help bolster the development of Interledger Network within its system. A key component of Ripple’s investment department, Xpring is said to be focusing on improving its blockchain accessibility to meet the demands for money transfer solutions.
According to Xpring, the startup firm will be headquartered in the crypto company’s San Francisco office. The move is seen as beneficial for the two companies. Strata Labs will receive more support and exposure for its projects while Ripple can leverage their proficiency in ILP growth.
While relatively unknown, Strata Labs has pioneered in developing the Interledger (ILP) network. Their ILP Protocols are used for a seamless integration with different payment systems.
Strata Labs was founded by Austin King and Dino Rodriguez. The two started the company while they were still at Harvard university and slowly developed it to become a strong presence in the Interledger niche.
Blockchain industry insiders were not surprised by Ripple Labs’ decision to procure the startup. There’s a burgeoning demand for systems that can provide support for digital payments. Open protocols have also allowed for the creation of platforms that can come up with innovative and creative solutions to address the inefficiencies in FinTech.
Xpring also announced that the company will be open-sourcing Strata Lab’s infrastructure proprietary code. The move is designed to provide developers around the world the chance to utilize it in their own projects, making the ILP system more accessible.
Ripple also intends for developers to come up with new ideas for the XRP Ledger and to make use of ILP for the benefit of the whole internet ecosystem.
Stefano Thomas, Ripple Labs’ former CTO, is credited with building a blockchain-agnostic compact that can merge several blockchain networks to make money transfer transactions easier.
It prompted the blockchain company to acquire Equilibrium Connect back in August. The addition of the ILP focused firm would reportedly make adopting the Interledger network go more smoothly.
Aside from Equilibrium Connect, Xpring has also invested in different companies that can boost the number of XRP use cases. More recently, Ripple has sunk money in firms like BRD, Keyless, Towo Labs, Vega Protocol, and XRPL Labs.