R3, an enterprise blockchain software firm, launched Corda Settler, an application that settles international payments within a corporate network – and it supports XRP.
The open-source application comes as a part of a bigger CorDapp package. It allows participants to issue payment requests and settle them on the Corda network through “crypto-assets” like XRP or any traditional payment protocol that uses cryptographic confirmation for settlement. The Corda Settler also oversees whether requested payment obligations gets executed and updates the Corda ledger if they do – like a blockchain.
“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 Richard Gendal Brown, Chief Technology Officer at R3.
The application’s support to XRP strikes a surprising note as both Ripple Labs and R3 were in a court battle with each other. A source close to both the organizations said that the old issues between the two didn’t impact the launch of Corda Settler and that the announcement should assist XRP in gaining a more “legitimate” status.
“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,” Brown said.
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