Cardano’s Charles Hoskinson is cozying up to Ripple Labs in a likely push for partnership.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
In a significant development, Cardano founder Charles Hoskinson has lauded Ripple Labs‘ Chief Technology Officer (CTO) David Schwartz, highlighting his intelligence and passion. This marks a notable shift from Hoskinson’s previous criticisms of Ripple and its community.
Hoskinson’s comments about Schwartz have excited the crypto community, sparking speculation that both leaders might be planning something big. This unexpected support comes amid lingering Ripple’s legal issues and Cardano’s exploration of new partnerships.
Ripple has navigated a difficult path, grappling with a legal battle against the US Securities and Exchange Commission (SEC) since December 2020. The SEC claimed Ripple conducted an unregistered securities offering through XRP XRP $3.19 24h volatility: 1.4% Market cap: $183.66 B Vol. 24h: $7.83 B sales. This caused the digital asset to be removed from many exchanges, casting doubt on its future at the time.
Despite these setbacks, Ripple has shown incredible determination. In July 2023, Ripple achieved a partial victory when the court ruled that XRP is not a security on public exchanges. Despite this win, the legal battle is far from over, but Ripple Labs remains determined to move forward. Hoskinson recognized Ripple’s perseverance, highlighting their resilience and optimistic future.
JUST IN: #Cardano $ADA Founder Charles Hoskinson says "David Schwartz is brilliant, it's a lot of fun being in meetings with him. #XRP was delisted, excluded, Ripple was sued, and even when they won, they still had to fight. $XRP, Cardano, and Bitcoin have a bright future." pic.twitter.com/rLNoLLOByW
— Angry Crypto Show (@angrycryptoshow) December 22, 2024
The evolving relationship between Cardano and Ripple has sparked discussions about potential collaborations. Hoskinson has spoken with Schwartz and Ripple CEO Brad Garlinghouse about integrating Ripple’s technologies into Cardano’s ecosystem.
They are particularly interested in sidechain integration and smart contract functionalities. Hoskinson is exploring the inclusion of XRP into Cardano’s privacy-focused sidechain, Midnight Network.
He believes that XRP could serve as an alternative transaction token within this ecosystem, enhancing its utility. Discussions have also centered on leveraging Cardano’s open-source smart contract toolkit Marlowe.
Hoskinson suggested that XRP and Ripple’s upcoming stablecoin RLUSD might benefit more from Marlowe as much as Cardano’s native token, ADA ADA $1.00 24h volatility: 3.4% Market cap: $36.02 B Vol. 24h: $1.20 B . This is because Marlowe aligns with Ripple’s ecosystem requirements.
This is because Marlowe’s capabilities better align with Ripple’s ecosystem needs, especially for creating customized smart contracts and ensuring the stablecoin’s integration within Decentralized Finance (DeFi) solutions.
Ripple’s RLUSD stablecoin has emerged as a focal point in these talks. Stablecoins are essential for bridging the gap between traditional finance and the blockchain world. Hoskinson has proposed integrating RLUSD into Cardano’s Midnight sidechain.
This move could bolster financial stability and attract broader adoption within the Cardano ecosystem. Ripple’s RLUSD could also address scalability and interoperability challenges, bridging the two networks.
This development underscores a growing trend of collaboration rather than competition in the blockchain industry. The warming relationship between Cardano and Ripple signifies a new chapter in blockchain collaboration.
Both protocols aim to drive innovation and adoption in the crypto space by setting aside past differences and focusing on shared goals. As talks continue, the crypto community eagerly watches for potential synergies from this partnership.
The collaboration could set new standards for interoperability in the industry. Many are excited about the possibility of greater cooperation between Cardano and Ripple.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.