R3 has announced the launch of Corda Settler, an app that has made Ripple’s XRP its first settlement mechanism.
The application is designed to ensure frictionless payments on Corda across any payment scheme, and designed by R3, one of the world’s prominent developer of enterprise blockchain solutions for financial institutions. The decision is an outcome of SBI Holdings advice to R3 to launch a project that uses Ripple’s XRP.
The app is purposely designed to make it easy to fulfil payment obligations raised on the Corda blockchain platform.
Meanwhile, the platform made XRP the maiden globally recognized cryptocurrency to be supported by the Settler, a move that brings XRP and Corda ecosystems “into closer alignment”.
The CorDapp makes it simple for payment obligations arising on the Corda Network to be solved courtesy of any parallel rail supporting digital currencies or other crypto asset, and any traditional rail capable of providing cryptographic proof of settlement.
According to Richard Gendal Brown, Chief Technology Officer at R3, “the deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.”
“While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”
When payment obligation is made on Corda, either of the party has the advantage to request settlement in XRP.
SBI-R3 Created To Favour Ripple (XRP)
Recently, Today’s Gazette announced that SBI-R3 has been created. The consortium is centered on improving the performance and adoption of XRP. Remember SBI has nothing less than 10% shares in the startup Ripple. It is also a principal shareholder at R3.
After settling the dispute between Ripple and R3, Yoshika Kitao, president and CEO of SBI Holdings said employed R3 to design a project that will use XRP digital currency.
The two firms, R3 and Ripple, agreed to resolve the dispute internally. After the dispute, Yoshika urged R3 to introduce a project that uses XRP. Now, It seems CorDapp is the reply to Yoshika’s demand.
In May, SBI Holdings, a group of companies having nothing less than 40 financial firms across the universe pledged $107 million to R3. The group of firms set aside 2 billion yen (around $17.9 million) to purchase R3 shares.