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A partnership between Cardano and the $XRP ecosystem has gained momentum amid prospects of a Tokeo Wallet integration on the XRPL.
Cardano-based next-generation smart wallet Tokeo Wallet plans to integrate with the $XRP Ledger, sparking widespread enthusiasm among Cardano and $XRP enthusiasts. Community pundit Angry Crypto Show brought this to the limelight in a post on Tuesday, with the Tokeo Wallet’s official X account confirming the plans.
A Start of the Long-Teased Partnership?
The July 15 tweet disclosed that Cardano’s Tokeo Wallet is currently exploring a possible integration into the $XRP Ledger. The incorporation aims at creating interoperability between the Cardano network and the $XRP Ledger, laying the foundation for future collaborations.
Nonetheless, this contributes to a broader effort within the Cardano ecosystem to establish interoperability with the $XRP Ledger. Recall that Lace Wallet, Cardano’s official wallet, also plans on adding support for $XRP, enabling users to hold the Ledger’s native tokens on the Cardano network.
Meanwhile, Cardano founder Charles Hoskinson has long teased a possible partnership between the two chains. He disclosed in June a “whole $XRP package” with the Midnight airdrop, including $XRP DeFi and RealUSD integration.
Midnight to Become the DeFi Layer of $XRP
Furthermore, Hoskinson noted that Cardano’s sidechain, Midnight, will play a crucial role in the integration with $XRP. Specifically, he stated that he wants the privacy-focused chain to become a DeFi layer of the $XRP Ledger.
Notably, this would allow $XRP holders access to a wide range of DeFi features while keeping their stash on the XRPL network. With this, Cardano would unlock billions in liquidity from the $XRP ecosystem while offering smart contract functionality and DeFi applications.
Meanwhile, Hoskinson has recently had a good relationship with the $XRP ecosystem. He recently disclosed contact with executives of Ripple, one of the core contributors to the $XRP Ledger. If the partnership pulls through, it will boost developer activity on Cardano and help address its TVL and stablecoin challenges.
Interestingly, the Cardano founder is also pursuing a similar course with the Bitcoin network. He plans to unlock DeFi on Bitcoin, teasing that it would be bigger than that of Ethereum and Solana.