At Consensus 2024, the crypto company Ripple unveiled its roadmap for Institutional DeFi on the XRP Ledger (XRPL), introducing Oracles and Multi-Purpose Tokens (MPT), which will be released during the current year.
At the same time, the CEO of Ripple, Brad Garlinghouse, stated that the launch of new ETFs on XRP or on Solana or on Cardano is just a matter of time.
Summary
Ripple: the crypto company and the institutional DeFi of XRP Ledger at Consensus 2024
Ripple, the crypto company behind the seventh crypto by market capitalization XRP, has unveiled the roadmap for institutional DeFi of XRP Ledger (XRPL), at Consensus 2024, in Texas.
According to its blog post, Ripple is making its blockchain built for enterprises, the XRPL, increasingly robust, secure, and efficient, so as to make it a key platform for institutional DeFi.
To achieve this goal, the crypto company has outlined the key points of its roadmap, of which only two will be released in this current year.
This is the release in the second quarter of 2024 of the Oracles, the component that allows the integration of real-world data into the blockchain. These Oracles will enable a wide range of use cases, from price feeds to event data, making them an essential tool for institutional DeFi.
During the third quarter of 2024, the Multi-Purpose Token (MPT) will also be released, which introduces a new level of flexibility and functionality for tokenized assets on XRPL.
Multi-Party Tokens (MPT) will allow the creation of complex token structures that can represent a variety of assets and rights, using metadata. This innovation will be particularly valuable for institutions that wish to tokenize and manage portfolios of different assets, ensuring efficient lifecycle management of digital assets.
These two new innovations are based on the characteristics and developments already existing on XRPL, such as the integration AMM live, DID currently in voting phase, and the native lending protocol of XRPL in technical design proposal phase.
Ripple: from institutional DeFi to the launch of ETFs on XRP and other crypto
Always at Consensus 2024, it seems that the CEO of Ripple, Brad Garlinghouse, spoke about a probable launch of new ETFs on XRP and other crypto.
Specifically, Garlinghouse is said to have stated the following:
“I think it’s just a matter of time, and it’s inevitable that there will be an XRP ETF, a Solana (SOL) ETF, a Cardano (ADA) ETF, and this is fantastic”
This forecast comes after the success of the spot Bitcoin ETFs, approved at the beginning of the year, and the spot Ethereum ETFs, recently approved. In particular, the launch of the spot Ethereum ETF also guarantees the regulatory confirmation that ETH is not a security.
Since the approvals of Exchange-Traded Funds on crypto are handled by the Securities and Exchange Commission of the USA, Garlinghouse did not miss the opportunity to also talk about the SEC.
In this regard, here is what he would have said:
“Gary Gensler, president of the SEC, was called to Congress and when asked if ETH is a security, he did not answer the question. Yet, he insists that the rules are very clear and do not need to be updated”
The latest news in the endless battle Ripple vs. SEC
Despite the partial victory of Ripple in July 2023, in the endless lawsuit filed by the US SEC that lasted for years, it seems that the situation is not yet over.
In fact, recently, Ripple filed a new motion on May 29, rejecting the SEC’s claims, according to which it allegedly suppressed the price of XRP through Over-The-Counter (OTC) token sales.
“#XRPCommunity #SECGov vs #Ripple #XRP @Ripple has filed a response letter in further support of its motion to seal the documents related to the @SECGov lawsuit and the request for judgment and remedies”
In practice, Ripple no longer conducts bull transactions of XRP OTC. Instead, the company sells XRP to customers through its ODL (On-Demand Liquidity) product, which does not offer discounted prices like bear OTC operations.
Here is how the document states:
“The current sales of XRP by Ripple to customers for use in relation to Ripple’s ODL product do not have any of the relevant terms of over-the-counter contracts, such as discounts offered to sophisticated counterparties”
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