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R3 Unveils New Corda DApp Onboarding XRP As The First Payments Option

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R3 Unveils New Corda DApp Onboarding XRP As The First Payments Option

The developer of enterprise blockchain solutions – R3 – launched a “Universal Settler Application” called the Corda Settler. This new dApp will facilitate global payments on the Corda blockchain network. Moreover, the surprising thing is that R3 will support XRP as the first settlement mechanism on the Corda Settler.

Details About the Corda Settler CorDapp

The Corda Settler is an open-source CorDapp. According to the official press release, the Corda Settler decentralized application that facilitates settling of payment obligations raised on the Corda blockchain platform “through any of the world’s payment systems, both traditional and blockchain-based”.

Moreover, it also supports settling payment obligations through “any parallel rail supporting cryptocurrencies or other crypto assets.” Another way to settle the payments is through “any traditional rail capable of providing cryptographic proof of settlement.”

An interesting thing about Corda Settler is that it will soon update the Corda blockchain ledger after verifying the credit of payment in beneficiary’s account. In the next development phase, Settler will also support adding of additional features. This includes supporting real-time gross settlement payments and domestic deferred net settlement.

Supporting XRP and Other Crypto Tokens

XRP is the first global digital currency, supported by Settler. This establishes the foundation of a renewed partnership between Ripple and Corda after the earlier rivalry.

However, the company says that going further, it will add the support of other digital currencies on Corda Settler.

“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, CTO at R3, adding,

“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.”

Corda also mentions that when any payment obligation arrives on its network, one party can request settlement using XRP.

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