The Universal Settler Using XRP – What is Corda?
History is being made in the midst of crypto market chaos; blockchain development company R3 has announced news of supporting the (currently number two) cryptocurrency XRP on its new universal payment settlement application: Corda Settler.
The “Corda Settler” runs as an open-source payment DApp (decentralized application) on the Corda blockchain. The application bridges payment networks/platforms across the globe together, verifying received payments and then updating the Corda ledger with the settled payments.
XRP can also be used to settle the global payments and is the first digital asset to be supported on the new application. In time, other high-demand cryptocurrencies could be intergrated, providing payment services are capable of cryptographic proof of settlement, and traditional and digital assets can be utilized together.
“XRP is the first globally recognized cryptocurrency to be supported by the Settler, bringing the Corda and XRP ecosystems into closer alignment.
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.” – R3 Blog
R3 Vs. Ripple War Over?
After reaching a settlement in a multimillion-dollar lawsuit earlier this year, Ripple and R3 are both using the XRP ledger to achieve their objectives of creating an Internet of value ecosystem. While the terms of the agreement remain confidential, we will likely see further developments between the two companies’ partnership in the coming years.
“R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them.”
R3’s (and Ripple’s) Long List of Partnerships for a Global Payment System
To understand why this news is making many (especially the XRP community) so excited, let’s take a look at the number of partnerships R3 has:
List of R3’s partners below,
XRP will benefit from the growing number of partnerships between R3’s ecosystem and Ripple’s RippleNet products, despite controversy around Ripple’s relationship with XRP still debated passionately amongst the cryptocurrency community.
Businesses creating real-world use cases with blockchain and distributed ledger technology help drive the sector from speculation to a more stable and accurate form of valuation.
With over 200 members and partners from a wide range of industries developing on the Corda ecosystem, companies such as Amazon, Google, Microsoft, HSBC, Bank of America, and countless others are working through one platform, essentially bridging numerous markets together through one global digital interface.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.