R3, a blockchain research collective, has launched ‘Corda Settler,’ a blockchain payment service. XRP will be the first settlement token used on the token-agnostic service.
Blockchain and fiat
According to an R3 press release, Corda Settler is an open source application that works with any system that uses cryptographic proof of settlement. It automatically updates the ledger when an account is credited.
Parties using the system can now request settlement using XRP, which is the token behind blockchain payments company Ripple.
The Chief Technology Officer of R3, Richard Gendal Brown, 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. 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.”
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Bygones are bygones
This news is interesting because Ripple and R3 were once on opposite sides of a court case. R3 filed claims against Ripple last year in three different US courts, claiming that the company owed it 5 billion XRP tokens as part of a former partnership. Ripple countered with the fact that R3 had failed in its own obligations. The case was finally settled in September 2018, the terms not disclosed to the public.
R3 is a New York-based consortium which counts more than 200 major financial institutions among its members. It has raised millions of dollars in investment money since its inception in 2015.
Recently, Ripple was all over the internet because of rumours that a technical upgrade of a SWIFT system would allow hundreds of extra banks to use XRP. The update has been applied, and this rumour appears to have been groundless.