R3 Adds Ripple as First Crypto for Its Universal Payments DApp
Enterprise blockchain software firm R3 has announced that ‘rival’ Ripple’s XRP token will be the first crypto supported on its new universal payment settlement platform, Finextra reports today, Dec. 5. Dubbed “Corda Settler,” the new open source Corda-based decentralized application (CorDapp) reportedly allows payment obligations raised on the Corda blockchain to be settled via any parallel payment rail that supports cryptocurrencies or assets, or any ‘traditional’ payment rail that can provide “cryptographic proof of settlement.” A payment rail is a term for a payment platform or network that transfers money from one entity (a payer) to another (a payee).
After verifying the beneficiary’s account has been credited, the new CorDapp will automatically update the Corda ledger accordingly; a future version will reportedly support domestic deferred net settlement, as well as real-time gross settlement payments.
Richard Gendal Brown, Chief Technical Officer at R3 is quoted as saying that:
“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 allusion to the positive development in cooperation between R3 and XRP refers to a year-long legal dispute over purported mutual breaches of agreement between Ripple Labs and R3 Consortium that was finally settled this September.
About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.
Ripple’s (XRP) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as CEX.io and Changelly.com.
XRP is the 2nd largest cryptocurrency by market cap size. Its market cap is currently $13,068,693,277 and it has a circulating supply of 40,327,341,704 XRP. It's down 4.94% over the past 24 hours and is currently trading at $0.324065.
