XRP holders now have a fresh opportunity to earn passive income, as MoreMarkets, a self-custodial yield platform, has announced a strategic partnership with Flare Network. This collaboration enables users to generate yield from their XRP holdings without needing to navigate complex multi-chain platforms or DeFi protocols.

A decentralized blockchain network powering new opportunities in crypto yield generation.

How the XRP Earn Account Works

At the center of this partnership is the launch of the “XRP Earn Account,” which simplifies yield generation for investors. Rather than manually bridging assets across multiple networks, users can now access a single, streamlined interface through MoreMarkets. This interface automates the complex backend integration with Flare, ensuring a smooth experience.

When participants initiate the XRP Earn Account, their XRP is bridged from the XRP Ledger (XRPL) to Flare’s FAssets system. This system mints FXRP, a tokenized version of XRP compatible with the Flare network. From that point on, MoreMarkets undertakes the core yield strategy – utilizing Flare-native DeFi protocols like lending and liquid staking – to generate returns.

“Our mission is to make idle assets work for their holders without the headaches of DeFi… and adding Flare gives them another high-quality path to earn,” said Altan Tutar, Co-founder and CEO of MoreMarkets.

Deep Integration With Flare for Secure and Seamless DeFi

The technical integration also includes support for Firelight, a protocol allowing liquid staking of FXRP. Once users stake via Firelight, they receive a liquid staking token (LST) as well as Firelight Points. These tokens can be leveraged across a range of DeFi opportunities within Flare’s growing ecosystem, further enhancing their yield potential.

Importantly, the structure remains trustless. Flare ensures every unit of FXRP is backed 1:1 by XRP held securely on the XRP Ledger, and no centralized custodian manages the assets, keeping in line with the ethos of decentralized finance. Users maintain full ownership of their crypto while reaping staking rewards.

Streamlined User Experience and Passive Yield

Rather than requiring deep technical knowledge, MoreMarkets handles all the complex backend functions of bridging, minting FXRP, and interacting with DeFi protocols. Investors simply use the XRP Earn Account, and yields are regularly paid in XRP directly to their wallets.

With Flare technology now powering these operations, and Firelight enabling deeper protocol functionality, the partnership is set to establish a more liquid and efficient on-chain environment tailored to XRP holders seeking passive income strategies.

Related: XRP Price: $12M Max Pain for Bears

For more context, see XRP investors and XRP open interest records.