Ripple’s open-source crypto investments platform, Xpring, has announced a new payment system, which can be integrated with the application, it said on Wednesday.
New Platform Similar to AWS
The new platform will include both, crypto and fiat payments. Xpring has stated that the new platform would be quite similar to Amazon Web Services, and Oracle’s payment systems, and would developers to run the code on their own after simply downloading it, or directly plug into Xpring services.
Xpring can ideally perform with any kind of application, stated Senior Vice President, Ethan Beard, who was extremely positive about the new payments platform. He further added,
“It’s a platform for all developers, not just developers in the blockchain and crypto space, but all 23 million developers around the globe. More specifically, what we’re aiming to do with the platform is provide developers with various tools, services, and programs to make it easier for them to build on [the] XRP Ledger and to leverage Interledger Protocol.”
With the growing awareness about crypto in developing countries and cheaper internet rates, demand for crypto-based payments is expected to rise significantly in the foreseeable future. Also, the uncertainty in traditional investment sectors and the global slowdown will also fuel the demand for decentralized payments.
Ripple has been breaking the ground and setting up new benchmarks for crypto payments, partnering with more than 200 banking and non-banking financial institutions all over the world. While speaking to journalists, Beard further also said that Ripple’s primary aim with Xpring is to bring money to the internet and make it as common as images and texts.
The much talked about Interledger Protocol (ILP), aims to enhance compatibilities for monetary value transfers across systems and blockchains, which is in-line with Ripple’s primary motives. Xpring’s newly debuted payments platform will further the company’s overall foothold in the global crypto payments platform.