Cardano Lace Wallet Integrates XRP, Fueling Potential Price Breakout Move – Crypto News – Crypto News
Connect with us

others

Cardano Lace Wallet Integrates XRP, Fueling Potential Price Breakout Move – Crypto News

Published

1 year ago

on

Cardano Lace Wallet Integrates XRP, Fueling Potential Price Breakout Move

Cardano users will soon be able to access XRP in the ecosystem’s flagship Lace Wallet to bridge the gap between both ecosystems. Cardano Founder Charles Hoskinson confirmed the integration of XRP in a surprise AMA earlier this week. Notably, this deployment marks a major shift for both ecosystems, which were once top rivals.

Cardano Lace Wallet and XRP Integration: Drive For New Utility

During the Surprise AMA, a listener asked Hoskinson if he and his team are still considering partnering with Ripple executives. It is worth noting that Charles Hoskinson has given several indications that the Proof-of-Stake (PoS) chain will integrate XRP.

With the Lace Wallet integration, ADA holders can now interact with XRP. Among the many functions that will be enabled include storage, sending, and receival of the Ripple Labs-backed coin. The light wallet is exclusive to the ADA ecosystem. However, it launched a multichain push earlier this year.

As reported by CoinGape at the time, Lace integrated Bitcoin, setting XRP as one of the few mainstream assets on track to be deployed onchain. Despite the big reveal during the AMA Session, Charles Hoskinson did not reveal the exact timeline for the wallet to complete the integration.

The Cardano Midnight Airdrop

Another major news item fueling optimism in the ecosystem is tied to the Midnight Network. According to Charles Hoskinson, XRP holders will also gain access to participate in the Midnight Network airdrop. As revealed earlier, the new protocol aims to hold NIGHT.

Charles Hoskinson and his team have been developing the Midnight Network for over a year. The developers consider the protocol the next major innovation to drive the ethos of decentralization while staying compliant.

Per its design, the protocol has two unique tokens, NIGHT and DUST. While NIGHT is the governance token, DUST helps guarantee anonymous transitions. The latest update from the Cadano Founder shows that as many as 37 million users will benefit from this airdrop. Notably, XRP is one of the eight chains that will participate.

This airdrop is one of the many ways the protocol adds value to users. Earlier in February, Midnight tapped OpenZeppelin for DeFi. The partnership will see both protocols develop smart contracts to drive that can drive the adoption of DeFi.

ADA and XRP Price To Benefit

The ecosystem integration unveiled by Charles Hoskinson will benefit the prices of ADA and XRP. However, the ADA price is facing a bearish consolidation, falling from a high of $0.7331 to a low of $0.7023. 

Despite the generally bullish update about XRP, the coin’s growth outlook is flat in 24 hours, at $2.198. While the current trend might be a healthy reversal, new updates like the new Brazil XRP ETF can complement the Cardano update, shaping the price outlook.

The post Cardano Lace Wallet Integrates XRP, Fueling Potential Price Breakout Move appeared first on CoinGape.

Related Topics:
Continue Reading

Trending