The XRP Ledger's sidechain that is compatible with Ethereum is now available on the testnet

RippleX has announced the availability of a new Ethereum Virtual Machine (EVM) compatible sidechain on the XRP Ledger ecosystem. Users can access the XRPL sidechain bridge on testnet to set up an account and submit transactions. The project is being developed in three phases, with the first phase already released on XRPL Devnet by software company Peersyst. The second phase will feature a permissionless EVM sidechain and bridge to test scalability, and the third phase will make a permissionless EVM sidechain and bridge available on the XRPL mainnet. Ripple's CTO believes that bringing Ethereum smart contracts to XRPL will attract more developers interested in cross-chain interoperability. In other news, former Ripple advisor, Michael S. Barr, is leading a review by the Federal Reserve Board of failed Silicon Valley Bank, which was closed down by California banking regulators last week.