XRP Burn Launched via Bitcoin Payment App

by in Cryptocurrency News

Ripple XRP burn

A Bitcoin transactions application based on XRP Ledger, SpendTheBits, is a competitor of Lightning Network. SpendTheBits allows spending and receiving Bitcoins instantly.

Related: Ripple CEO Says Only the US Considers XRP as a Security

Currently, the application is available in Canada, and it's expected to be launched in El Salvador soon. XRP is used to activate the account. Besides, the coins are burned each time a BTC transaction occurs through XRPL.

Commenting on the project, lawyer John Deaton said the use of the XRPL for a bitcoin transaction app can be used in a court hearing. The lawyer mentioned that the XRPL uses open source code and doesn’t require Ripple’s permission to leverage the technology which shows that the Securities and Exchange Commissions’ claims against Ripple and XRP aren’t true. Deaton says XRPL is a Satoshi-esque tech.