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Midnight Collaboration: Ripple’s Schwartz and Cardano’s Hoskinson Unite for DeFi and RLUSD Innovation
- After clashing over the ETHgate theory and SEC actions, Ripple’s David Schwartz and Cardano’s Charles Hoskinson engage positively in 2024.
- Hoskinson plans to enhance XRP with DeFi features, liquidity, and a stablecoin layer, eyeing a joint effort with Schwartz on the Midnight project.
- Midnight, a privacy-focused metachain, aims to integrate with multiple blockchains, enhancing security and regulatory compliance.
After past squabbles between Ripple’s chief technology officer, David Schwartz, and Cardano founder Charles Hoskinson, when the two engaged in heated discussions in 2023 around the much-debated ETHgate theory, it now seems things are looking up.
Hoskinson: “Super Cool” to Bring Midnight to XRP
In a YouTube video, Hoskinson said that he would soon have a meeting with Schwartz and hinted at a potential collaboration between XRP and Cardano.
We can add amazing DeFi components to XRP. They can add liquidity, a wonderful stablecoin layer (RLUSD), and bridges definitely. It would be super cool to get Midnight working with XRP. We’re meeting with David Schwartz.
Charles Hoskinson Midnight is a fourth-generation cryptocurrency; Hoskinson calls it a metachain – meaning it will work with all blockchains – and it will integrate with Solana, Ethereum, Cardano and others.
The main feature of Midnight will be privacy by enabling developers to create secure, regulation-compliant smart contracts that maintain data confidentiality without compromising decentralisation. This is said to address the challenge of protecting sensitive information in a traditionally transparent system.
Founder Apologises to XRP Community, Hints at Participation in RLUSD
The move comes a week after Hoskinson apologised to the XRP community for things said in the past. He also hinted at a collaboration regarding Ripple’s upcoming stablecoin RLUSD.
Ripple USD (RLUSD) will be a stablecoin tailored for enterprise applications such as payments, natively built on Ethereum and the XRP Ledger (XRPL).
According to Ripple, it will be designed to provide stability, efficiency, and transparency. RLUSD is said to improve Ripple’s cross-border payment solutions and cater to the increasing demand for USD-denominated transactions across banks, crypto exchanges and fintech sectors.
Related: Trump to Cool Down on Crypto Crackdown, Shifts Justice Focus to Immigration
So, it will be interesting to see XRP and Cardano deepen their collaboration through Midnight and RLUSD. As for that meeting between David Schwartz and Charles Hoskinson, we know it happened, as they shared that much on Crypto Twitter.
We’re just a little bit short on the details; hopefully, we’ll find out a bit more about that soon.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
