R3 Announces Global Payment App With XRP
Distributed database technology company R3 has announced a new app called Corda Settler on their international blockchain, a global payment platform with XRP as its first supported cryptocurrency. This includes new functionality where parties in payment obligations can request funds specifically in XRP. R3 is showing clear confidence in XRP’s appeal as a cryptocurrency and payment vehicle, despite having legal troubles with Ripple in the past. This opens up conversations about future possible developments in the ecosystem, particularly for finance and crypto.
Corda Settler, pursues R3’s ambitious blockchain projects, being “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.” Although XRP will be the first cryptocurrency specifically supported by the app, R3 has made it clear that it will not be the only one in the foreseeable future.
In the release announcement, Richard Gendal Brown, R3’s Chief Technology Officer, offers some clarification on his company’s choice of XRP specifically. “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,” said Brown in the press release, adding that “this demonstration with XRP is the next logical step.” Settler will allow payments to be “settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement.”
After their KYC app launched earlier this year, dealing with various banking institutions, it is clear that they are focused on compliance within the existing financial regulatory structure. Beyond complying with necessary regulations, R3’s focus to create partnerships in the cryptocurrency and financial industry is yet another positive sign for long-awaited cryptocurrency adoption within the world of finance.