R3 announces support of XRP in its new Corda Settler application
This week R3 announced the release of Corda Settler, an application allowing cryptocurrency payments within enterprise blockchains. Surprisingly, Ripple’s XRP is the first cryptocurrency that will be supported.
Ripple and R3 were involved in a legal dispute last year in which R3 accused Ripple of refusing to uphold contractual obligations. Ripple then filed a countersuit accusing R3 of concealing information concerning consortium members Goldman Sachs and Banco Santander. The two eventually reached a settlement and given the recent announcement seem to have put the dispute behind them.
According to R3,
“The 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…”
A unique feature of the application is its ability to verify beneficiaries of payment, and automatically update the Corda ledger.
R3’s Corda Settler is a perfect example of how cryptocurrency payments can be catered in order to be accepted by a wider audience. By promoting XRP as the app’s first acceptable payment method, R3 has exhibited its intentions of working with other digital asset leaders in order to further promote cryptocurrency use.