Singapore, SINGAPORE – Distributed ledger technology outfit R3 has launched a universal settler application to facilitate payments on its Corda platform, with rival Ripple’s XRP the first cryptocurrency to be supported after ending a lengthy legal battle with Ripple.
Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement.
The app will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger. In the next phase of development, the Settler will support domestic deferred net settlement and real-time gross settlement payments.
R3 CTO Richard Gendal Brown says:
“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.”
“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.”
XRP has currently surged past Ethereum to be the second biggest cryptocurrency by market capitalisation and trading at US$0.34 at time of writing.
R3 is working with over 200 companies with aims to develop their open-source blockchain platform which is reportedly already being used in a range of industries from healthcare, shipping, financial services and more.