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R3: SIX is the most ambitious project, says R3 CEO David Rutter




R3: SIX is the most ambitious project says R3's CEO, David Rutter
Source: Pixabay

David Rutter, the CEO of R3, said in an interview that SIX was the most ambitious project and elucidated how he won the contract for SIX Group’s proposed digital asset exchange.

SIX is a Swiss Stock Exchange and recently announced that it will be creating the world’s first XRP ETP called AXRP. In addition to XRP, SIX will be launching four more ETPs based on Bitcoin [BTC], Litecoin [LTC], Stellar Lumens [XLM], and EOS.

According to DigFin, a news media outlet, R3 has the contract to build a digital asset exchange for SIX. In an interview with DigFin, Rutter said:

“SIX is the most ambitious project we’ve seen… This is a new platform involving the end-to-end lifecycle of the trade.”

SIX announced that it would first list the digital native equities to the new exchange, with Corda handling primary issuance, secondary trading, and pre-trade and post-trade processing. This would be followed by bonds, funds, and structured products and tokenized securities.

Rutter added that supporting SIX was only possible because R3 went through the DTCC project. More specifically, DTCC is the Depository Trust & Clearing Corporation (DTCC) that virtually processes all securities transactions in the U.S.

Rutter stated:

““Had we not gone through the DTCC project, testing the limits of our throughput, we couldn’t have known whether we can support SIX’s ambitions.”

For DTCC to be successful, Corda needed to process approximately 600 transactions per second [TPS], but Rutter confirmed that Corda was geared up to handle 18,000 TPS.

The contract allows R3 to design the exchange, but Rutter confirmed that they would be designing the centralized matching engine, while the pre-trade and the post-trade workflows would be distributed.

@XRPoseidon, a Twitter user, commented:

“From my point of view this event is bigger than any ETF or Starbucks Bakkt whatsoever, because it’s not only about one cryptocurrency but about the tokenization of kind of assets and trading them side by side.”

@spence12341, another Twitter user, commented:

“And the #USA still Lagging behind , watching things fall apart , but #xrp has been resilient to the down trend , with a ton of good news every day , the price would have a profound effect to finance one day.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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