Enterprise blockchain software firm R3 has declared that ‘rival’ Ripple’s XRP token would be the first crypto supported on its new universal payment settlement platform.
This comes from a report on Finextra.
Called “Corda Settler,” the new open source Corda-based decentralized application (CorDapp) lets payment obligations raised on the Corda blockchain to be completed through any parallel payment rail that backs cryptocurrencies or assets, or any ‘traditional’ payment rail that can offer “cryptographic proof of settlement.”
A payment rail is defined as a payment platform or network that moves money from one entity (a payer) to another (a payee).
After confirming the beneficiary’s account has been credited, the new CorDapp will automatically refresh the Corda ledger; a future version will reportedly back domestic deferred net settlement, as well as real-time gross settlement payments.
Richard Gendal Brown, Chief Technical 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.”
Gendal Brown’s referrence to the positive development in collaboration between R3 and XRP points to a year-long legal clash over supposed mutual breaches of agreement between Ripple Labs and R3 Consortium that was finally ended this September.
Gendal Brown also said that the cooperation between the two industry giants “is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”
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