scorecardresearchCrypto exchange Cross Tower joins hands with Ripple to add NFTs on its

Crypto exchange Cross Tower joins hands with Ripple to add NFTs on its marketplace

Updated: 14 Jul 2022, 07:50 AM IST
TL;DR.

The blockchain platform is set to expand its marketplace functionality to support ripple ledger that will lower the costs and barrier to entry for creators

CrossTower’s NFT marketplace is built for developers and creators  

CrossTower’s NFT marketplace is built for developers and creators  

Cryptocurrency platform CrossTower is set to partner with Ripple to add non-fungible tokens minted on the latter’s ledger to the former’s NFT marketplace.

CrossTower’s NFT marketplace is built for developers and creators seeking a holistic service to take their projects from idea to fruition.

This marketplace enables developers to onboard NFT projects by giving them access to out-of-the-box infrastructure including wallets, payments, liquidity support, accelerating time-to-market for projects that previously took months to onboard.

NFT marketplace

For fans, the marketplace delivers an engaging user experience, connecting them with creators and brands. Fans will benefit from an optimized digital purchase experience with the ability to transact NFTs via credit card and receive the assets through integrated wallets on the XRP Ledger.

“We will build our Web3.0 platform on the XRPL. Ripple’s commitment to building a developer network in India is particularly exciting for CrossTower as we are committed to developing India’s blockchain talent. We look forward to the growth of our global NFT platform,” said Kapil Rathi, CEO of CrossTower.

Having already forayed into the NFT space, CrossTower is set to widen its reach now to support XRPL which will lower the costs significantly, and barrier to entry for creators who want to mint their projects on the blockchain best suited to enable settlement and liquidity of tokenized assets at scale.

CrossTower has already attracted projects such as Antara and David Bowie World on its marketplace and has a number of inaugural projects on the XRPL in the upcoming weeks.

In another news, cryptocurrencies are trading flat on Wednesday with bitcoin hovering around $19,000 and ether near $1,000, according to the CoinDesk data.

The total market cap of cryptocurrencies is lower than $890 billion, less than one-third of $3 trillion on November 9, 2021

Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs, a US-based technology company.

It is built upon a distributed open-source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.

Ripple is facing charges in the US filed by the US markets regulator Securities and Exchange Commission (SEC).

The SEC initiated legal proceedings against Ripple Labs in December 2020, for allegedly selling unregistered securities. The SEC claimed in the lawsuit that XRP was a security instead of a commodity.

 

First Published: 14 Jul 2022, 07:50 AM IST