Ripple is working on an identity solution which will let enterprises comply with international regulatory sanctions. The compliance measures are becoming more stringent, and the U.S. Treasury and SEC have already imposed hefty fines. To ensure the protection of enterprises, Ripple has shifted its emphasis for 2023 to remove barriers for businesses to adopt decentralized finance (DeFi).

David Schwartz, CTO at Ripple, discussed these upcoming developments during an online conversation with King Solomon, CEO of Genfinity, at the 2023 CoinDesk Consensus event. His excitement was geared towards the Automated Market Maker (AMM) feature, which provides potential yield through loaning users’ cryptocurrencies and stablecoins, as well as facilitating trading strategies.

XRPL has seen an increase in Non-Fungible Token (NFT) adoption rate since the introduction of XLS-20 in October 2020. 151,422 NFT trades have been made, with a total trade volume of 21.9 million XRP. OnXRP is the leading platform for NFTs, having processed 11.2 million XRP.

Ripple believes AMM and NFTs from XRPL will facilitate a compliant and secure platform for businesses to exploit. The AMM feature will bring liquidity to the network and the NFTs provide the possibility of earning yield. This emphasis from Ripple has been tailored to meet the standard of global financial regulation and the protection of enterprises.



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