Ripple and XRPL Labs Team Up with Algorand to Launch Decentralized Digital Asset Recovery Alliance

Ripple, XRPL Labs, and other organizations join the Decentralized Recovery Alliance (DeRec) as founding members, aiming to establish standardized digital asset recovery processes for enhanced security and user experience. The alliance will collaborate on developing interoperability recovery standards to facilitate efficient recovery and adoption of digital assets.

Ripple and XRPL Labs Join Algorand Foundation as Founding Members of Decentralized Recovery Alliance

May 9, 2024

In a historic collaboration that signals a pivotal shift in the digital asset landscape, Ripple, XRPL Labs, and Algorand Foundation have joined forces as founding members of the Decentralized Recovery (DeRec) Alliance. This strategic partnership aims to revolutionize digital asset recovery, bringing enhanced security and user experience to the forefront of the industry.

As founding members, Ripple and XRPL Labs will serve two-year terms on the DeRec Alliance's Technical Oversight Committee, playing a crucial role in shaping the governance and policy framework that will underpin the alliance's operations. Their deep expertise and commitment to innovation will contribute significantly to the development and implementation of groundbreaking recovery solutions.

"We are thrilled to welcome Ripple and XRPL Labs as founding members of the DeRec Alliance," said DeRec Executive Director Marc-Antoine Mandy. "Their unrivaled expertise and dedication to user security will be invaluable as we work together to establish a standard for digital asset recovery that fosters trust and confidence in the digital economy."

The DeRec Alliance is a non-profit organization dedicated to establishing industry-wide standards for digital asset recovery. Its founding members share a common vision of empowering users with the ability to recover lost or compromised digital assets, mitigating the risks associated with asset loss and providing peace of mind to users.

Alongside Ripple and XRPL Labs, the DeRec Alliance has secured the support of several prominent organizations as Alliance Members, including the HBAR Foundation, the Hashgraph Association, Acoer, BankSocial, Blade Labs, The Building Blocks, Casper Association, Constellation Network, and Revive Labs. Collectively, these members represent a diverse range of expertise and perspectives, bringing a wealth of knowledge and experience to the alliance's mission.

"The DeRec Alliance is a testament to the growing recognition of the need for robust and interoperable recovery solutions for digital assets," said Ripple's Senior Vice President of Product Asheesh Birla. "We are proud to join this esteemed group of organizations and contribute our expertise to creating a recovery ecosystem that fosters trust and promotes the adoption of digital assets."

The alliance's mission is firmly rooted in the need to simplify digital asset recovery, making it as user-friendly and seamless as navigating Web2 platforms. With the combined efforts of its founding members and alliance members, the DeRec Alliance is poised to establish a new standard for digital asset recovery, empowering users with greater control over their digital assets and unlocking the full potential of the digital economy.

About DeRec Alliance

The DeRec Alliance is a global, non-profit organization dedicated to standardizing digital asset recovery for all. Its mission is to simplify digital asset recovery, making it as user-friendly and seamless as Web2 experiences, and to foster an interoperable recovery ecosystem for all digital asset holders. For more information, visit https://www.derecover.org.