Ripple (XRP), a company that facilitates sending money across international borders, made a number of significant announcements on September 3 in Japan and Korea. The intention to create a sidechain on the XRP Ledger that is interoperable with Ethereum was one of the most important announcements.

On Tuesday, XRP lost 0.75 percent of its value while maintaining its position above the crucial support level of $0.56.

Ripple has disclosed its intentions to enhance the functionality of the XRP Ledger by including smart contracts that are compatible with Ethereum via the use of a sidechain.

Ripple would be able to enhance the usefulness of its chain beyond simple transactions and include more complicated applications such as decentralized exchanges and token creation with the assistance of this feature.

Ripple intends to make use of the Axelar network, which is a decentralized interoperability platform, in order to make it easier for users to move tokens across other chains using wrapped EXRP. For the purpose of facilitating interoperability, eXRP would serve as the principal token used on the sidechain.

The implementation of smart contracts on Ripple will make it possible for developers to issue tokens, conduct transactions, and offer functionality for decentralized exchanges and financial apps that are built on the Ledger.

Other significant announcements were made by the company, including a cooperation with Futureverse in the artificial intelligence and metaverse domain. The initiative will take responsibility for the secure custody of Ripple's assets associated to the metaverse.

The University Blockchain Research Initiative of Ripple has extended its worldwide partnership to include Yonsei University, which is located in Korea. Ripple's research program is designed to provide assistance to the advancement of blockchain technology in terms of its technical aspects.