Apex builds fully insured bridge from Avalanche to XRP Ledger

Node-as-a-Service provider Apex is building a fully insured bridge from Avalanche (AVAX/USD) to the XRP Ledger, which they plan to launch in August this year, Invezz learned from a press release. The new ApexBridge is powered by Catoshi’s novel Bridging Technology and fully insured by UnoRe, a decentralized insurance platform.

Fast and safe token transfer

Apex’s bridge will enable safe and fast transfer of XRP (XRP/USD) tokens from the Ledger to Avalanche and other networks on the Ethereum Mainnet. ApexBridge will be audited by Certik and UnoRe before going live. It will also undergo extensive penetration tests via Halbourne.

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To guarantee seamless integration of the bridge’s dApps, it will be open to all DeFi protocols and DEXs through API kits to the Ledger.

In the second phase of integration, the bridges will become more decentralized, but as safely and as efficiently as possible. They are currently more centralized to reduce the risk of attack.

Joshua, CEO of Catoshi, commented:

The partnership of Apex, Catoshi, and UNO is beginning to make real waves in the space. It’s amazing to see all our graft and hard work coming to fruition, resulting in XRP’s integration. It really makes our efforts having such an established project legitimate. As one of the leading projects in the space, we believe this partnership will help drive us to great success in this niche.

In addition, an allocation of Apex Nodes will improve security and decentralization as they will act as nodes operating on the bridge. This will also reduce latency and speed up transaction processing.

UnoRe intends to work with the Ledger, Apex, and Catoshi to insure the tokens. Insuring them on the bridge will raise liquidity because bridges are a popular attack target. This, in turn, will drive gas fees down.

Jaskanwar Singh, CEO of UnoRe, said:

By their nature, bridges are prone to a few vulnerabilities – cross-chain protocols being as important to mass adoption of DeFi as they are, it’s obvious this sector of the crypto space is in dire need of adequate insurance to truly guarantee user assets’ safety. That’s why UnoRe is very excited to be protecting the ApexBridge between the XRP Ledger and Avalanche.