- Coreum has launched an upgraded XRPL bridge, allowing users to seamlessly move XRP into Coreum, the Cosmos ecosystem and dozens of networks built on the Ethereum Virtual Machine.
- The bridge was launched in 2022 but had limited capabilities—users could only transfer COREUM tokens across the two networks. By last December, over 37 million COREUM tokens had been moved.
In an exciting development, the team behind the Coreum network has stealthily revealed the launch of an upgraded bridge with the XRPL network, opening up XRP to the Cosmos network, Ethereum, and dozens of other networks built on the Ethereum Virtual Machine.
🌉🚀 Breaking New Grounds in Crypto! Coreum’s XRPL Bridge is a game-changer, now live & connecting #XRP with EVM & Cosmos chains. Imagine moving XRP seamlessly across networks – from Ethereum to Polkadot & beyond! Over 37M COREUM tokens bridged & counting. Get ready for advanced… pic.twitter.com/439xKWTeUu
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) March 14, 2024
No official announcement has been made yet. However, founder Reza Bashash hinted at the new bridge on X, revealing that the Coreum network was now home to 1.2 XRP. While this in itself isn’t a significant number, it showed that users could now move XRP from the XRPL network to the Coreum network, which has previously not been possible.
The allusions contained on X, with the official Coreum account tweeting a photo that illustrates a new connection between the XRPL network and a dozen networks with the caption: The Interoperability Renaissance.
Bob Ras, one of the co-founders of Sologenic, which is the entity behind the development of the Coreum network, offered more context. He noted on X that the network intends to continue expanding its interoperability solutions to unite even more blockchains and allow more effortless movement of assets between them.
He stated:
On the horizon soon: Expanding support for interoperability with EVM-compatible networks such as Ethereum, BNB Smart Chain, Polkadot, and Avalanche through IBC. This will allow assets from those chains to flow back and forth between Coreum and these blockchains seamlessly!
The Sologenic team plans to hold an ‘Ask Me Anything’ session on X at 10 AM PST.
XRPL and Coreum—Pioneering Interoperability
The bridge between Coreum and XRPL isn’t entirely new. As the video below by Crypto News Flash explains, it launched several months ago. However, it has been severely limited all this time. Users could only transfer Coreum tokens between the two networks.
Despite the severe limitations, users had moved 37 million COREUM tokens by December last year.
Since then, the Sologenic team has been hinting at an upgraded bridge that would connect XRP tokens to some of the world’s largest blockchain networks, and it’s finally here.
The immediate impact will be connecting XRPL to the Cosmos network. The latter has imploded in recent years, and at press time, its overall market cap stood at $5.357 billion.
XRP holders will benefit from the extra utility as the bridge will allow them to tap into opportunities in DeFi, NFTs and beyond in the Cosmos ecosystem and, eventually, in dozens of other networks.
XRP changed hands at $0.6736 at press time, dipping 0.7% in the past 24 hours. As Crypto News Flash reported, analysts believe the ongoing accumulation will end in a quick breakout to $0.80.
This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
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