Teemu Paivinen, the founder and CEO of Equilibrium Labs, a venture studio and builder of core infrastructure for the distributed web, announced this week his company received an investment from Ripple’s Xpring to expand development of new offshoot, Equilibrium Connect, which is focused on producing open source developer tools for the Interledger ecosystem and working on the core protocol.
Earlier this year, Xpring also invested in Interledger solution provider Kava, boosting it with $1.2 million.
Interledger is an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. Interledger is not tied to any one company, blockchain, or currency.
Equilibrium Connect was birthed to support the ongoing development of the Interledger protocol and grow the ecosystem by building tools to make it easier for developers to integrate Interledger into their applications.
The initial roadmap consists of three primary projects:
1. Open Source Interledger Connector — Will build and operate a multi-currency Connector (Initial support for BTC, ETH, and XRP) and make all the code open source.
2. Web Services — Provide a simple web API allowing applications to interact with the Interledger network and quickly move funds between networks, shards or traditional payment systems.
3. On-boarding — Designing and implementing an easy and compliant onboarding experience for users across the network.
“We strongly believe the world needs a standardized interface for payments and see Interledger as the only technology available right now with a viable model for delivering on that vision. We will be elaborating more on this roadmap in the coming months as well as providing a more in-depth analysis of Interledger and why we believe it is going to become a standard interface for payments.”
– Teemu Paivinen, the CEO of Equilibrium Labs