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 tripartite partnership of Catoshi, Apex, and UNO is starting to make real waves in the space. It’s incredible to see all our hard work and graft coming to fruition, culminating in XRP’s integration. It really legitimizes our efforts having such an established project connecting with us. As one of the big 5 projects in the space we believe this partnership will help drive us to the higher echelons of success in this space.

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:

Bridges are by their nature prone to a number of vulnerabilities – cross-chain protocols being as necessary to mass adoption of DeFi as they are, we believe that this sector of the Crypto space particularly needs adequate insurance to truly guarantee the safety of users’ assets. That’s why Uno Re is very excited to be protecting the ApexBridge between Avalanche and XRP.