R3 announces the launch of Corda Settler, XRP the first cryptocurrency to be supported
One of the leading providers of distributed ledger technology (DLT), R3 announced on Tuesday the launch of Universal Settler Application to Facilitate global payments on Corda. The application is aimed to facilitate global cryptocurrency payments within enterprise blockchains and it’s starting with none other than XRP. This news was made public by the blockchain company in a blog on Wednesday.
The blog adds that the new Corda Settler, an application purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based. Ripple’s XRP is the first recognized cryptocurrency to be supported by the Settler and this will mark the start of a close association between R3 and Ripple, who were previously locked in a bitter legal dispute.
Speaking about the decision to support Ripple, Richard Gendal Brown, Chief Technology Officer at R3 said, “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.”
The support for XRP means that when a payment situation arises during the course of a business transaction, one party can now have the option to settle it using XRP. When the request has been made the other party will be notified that the settlement in XRP has been requested and that they must instruct a payment to the required address before the specified deadline. Once an Oracle service validates the payment has been made then both parties can treat the obligation as settled. The Corda Settler is an open source Dapp that allows payment obligations arising on the Corda blockchain to be settled by supporting cryptocurrencies or other crypto assets.
R3 is one of the leading blockchain software firm and is backed by an investment of more than $120 million from more than 45 firms. In another development, earlier this week, 26 companies, and 5 major banks completed the Know-Your-Customer (KYC) requirements on a blockchain on Monday. The companies included members of the R3 consortium and RCI bank and Services who participated in the POC that the firm organized around customer knowledge in France.
A total of 26 institutions participated in this test and it consisted companies from sectors as diverse as retail, food industry, pharmaceutical, insurance, consulting, aeronautics, and automotive who worked with 5 French banks to test the solution.
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