XRP Ledger's Ethereum Compatible Sidechain Now Accessible on Testnet

In October, software company Peersyst announced the release of the first phase of the EVM sidechain for XRPL, which launched on XRPL Devnet.

Phase two of the project features a permissionless EVM sidechain and bridge that connects to XRPL Devnet to test scalability in a controlled environment.At the end of the three-phased development, a permissionless EVM sidechain and bridge will be available on the XRPL mainnet. Ripple CTO David Schwartz believes bringing Ethereum smart contracts to XRP Ledger will lower the barriers to entry for developers wanting to build apps with cross-chain interoperability.In light of Silicon Valley Bank's failure, thesaid on Monday that Vice Chair for Supervision Michael S. Barr, a former Ripple advisor, is in charge of reviewing the supervision and regulation of the bank. By May 1, the evaluation will be made available to the public.

The Federal Deposit Insurance Corporation was appointed as a receiver for a subsequent sale of the bank's assets after it was closed down by California banking regulators last week.Uncertainty surrounded the specifics of the tech-focused bank's abrupt demise, but it appeared that the Fed's aggressive interest rate hikes the year before, which drastically tightened financial conditions in the start-up sector where it was a major participant, were to blame.

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