As a blockchain-enabled fintech company, Stronghold is committed to improving transparency and efficiency; that’s why we’ve integrated our platform with Interledger, an open protocol suite that's used to send payments across multiple ledgers.
Just as the internet uses open protocols like TCP/IP to transmit packets of data using routers, Interledger protocols (ILP) direct packets of money across independent payment networks via connectors.
Our partnership establishes Stronghold as a connector that facilitates cross-ledger and cross-currency transaction fulfilment and also unveils Stronghold USD as the first asset-backed U.S. dollar enabled-connector on Interledger.
Multiple connectors can facilitate a single transaction, and each connector communicates directly with senders, receivers and other connectors. Linking connectors allows Interledger users to freely exchange value without needing to worry about which underlying ledger or currency is being used by the other party.
Institutional investors and traders may use ILP to exchange U.S. dollars for Stronghold USD, XRP, BTC and any other asset supported by our trading ecosystem. If the asset sent is different than the asset to be received, the ILP connector accesses our existing market order books to provide liquidity.
Because we created technology that moves dollars quickly and securely, we call ourselves “the on and off-ramp to the Interledger network.”
Stronghold’s ILP implementation can be used in different ways, and customers can optionally achieve settlement by integrating with Stronghold’s Platform APIs.
Entities who send and receive payments from ILP-enabled applications may use our connector to transmit funds across ledgers and currencies, while ILP Payment Pointers — a standardized ID for accounts eligible to receive payments — can be associated with Stronghold accounts to make sending and receiving easier.
On Coil, a web monetization platform, content creators are using payment pointers to receive USD donations directly from visitors who stream funds in real time to their Stronghold wallets.
Other ILP connector operators may peer with our connector to conduct currency exchange; we’ll source liquidity from market makers who have orders on our books.
Stronghold’s goal is to put a digital wallet in every pocket, so we’re happy to work with “the protocol for the internet of value” to advance that mission!