Ripple released a permissioned decentralized exchange (DEX) on the XRP Ledger (XRPL) built on top the XRPL. This rollout is a huge step forward for the XRP Ledger. This exponentially increases the platform’s power and unlocks fascinating new use cases within decentralized finance (DeFi). The XRP Ledger provides order books for thousands of different crypto pairs on its platform.
Prior to the launch, Ripple shared their vision for allowing financial institutions access to DeFi through the XRP Ledger. Operating on the XRP Ledger, the permissioned DEX enables transactions only between approved participants. Yoshitaka Kitao, CEO of the SBI Group, has commented on the rollout of the permissioned DEX on the XRP Ledger.
Permissioned DEX on XRP Ledger
The XRP Ledger’s emerging permissioned DEX deepens the utility of the platform. XRP Ledger has over 1,600 crypto pairs available on its exchange. This move is in accordance with Ripple’s broader aspirations to make DeFi accessible to financial institutions via the XRP Ledger.
The introduction of the permissioned DEX earlier this year marks a big advance for the XRP Ledger. It deepens the utility of the XRP Ledger and opens up new possibilities in the DeFi ecosystem. Ripple had first detailed its plans to broaden DeFi access for financial institutions through the use of the XRP Ledger.
to trade or move value on the XRPL Decentralized Exchange (DEX) without compromising on compliance, scalability, or decentralization - Ripple
SBI Group CEO's Reaction
Yoshitaka Kitao, the CEO of SBI Group, an advocate for the permissioned DEX rollout on the XRP Ledger commented on last week’s permissioned DEX launch on the XRP Ledger. SBI Group’s CEO, Yoshitaka Kitao even took to Twitter about the rollout of the permissioned DEX on the XRP Ledger. So, his comments are a good window into just how important this step is for the cryptocurrency and blockchain industry.
Kitao’s statement is indicative of the increasing interest and acknowledgement of the XRP Ledger. The permissioned DEX is set to bring institutional capital, maturity, and multi-trillion dollar asset classes of decentralized finance. A permissioned DEX using the XRPL is a major milestone for the XRP Ledger.
Ripple's Vision for DeFi
Ripple wants to make sure that financial institutions have access to DeFi through similar means using the XRP Ledger. The XRP Ledger is used to provide the decentralized and open infrastructure necessary to execute this vision. A permissioned DEX is the critical piece that can help make this goal a reality.
uniquely associated with a permissioned domain, which acts as an allow-list for accessing that DEX - press release
Allowing well-structured and thoroughly considered permissioned DEX is an extremely shrewd part of Ripple’s strategic thinking. In doing so, it takes full advantage of the XRP Ledger’s capabilities. All of these capabilities and more make the XRP Ledger well-suited to evolving financial industry demands.
