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Ripple/XRP: R3 and ING get into a partnership for large scale Corda Enterprise adoption



Ripple/XRP: R3 and ING get into a partnership for large scale Corda Enterprise adoption
Source: Unsplash

R3 has finalized a partnership with ING bank which will open ING to an unlimited number of licenses for R3’s commercial blockchain platform, Corda Enterprise.

The partnership deal between R3 and ING is for a span of five years which encourages adoption of CorDapps across a wide range of business functions.

Annerie Vreugdenhil, Head of Innovation for wholesale banking at ING, said:

“Our longstanding joint journey with R3 has proven that this is the most mature enterprise DLT solution to serve the needs of the financial service industry… We are one step closer to deploying live DLT solutions for our clients with the supported infrastructure in place.”

The CEO of R3, David E. Rutter said that ING bank has been a valuable and long-term partner of R3’s and that they have been an enthusiastic adopter of the blockchain. He said:

“As ING takes full advantage of access to Corda Enterprise, we look forward to seeing how the diverse CorDapp ecosystem can deliver gains in productivity, efficiency and profitability across the bank’s diverse business areas.”

R3 is an enterprise blockchain software firm with over 300 partnerships in both private and public sectors which are spread all across the world in multiple sectors like the finance, identity, insurance, and capital markets.

Moreover, R3 recently launched the “Corda Network” on January 16, 2019, which would be managed by a not-for-profit foundation, “Corda Network Foundation”. The foundation will operate independently of R3 and its decision making will be transparent and available to all networks.

Corda Network allows settlement of funds and transfer of data between communities of nodes which could be a collection of business networks and/or private networks which can be done via the CorDapps.

Furthermore, Corda Settler can settle payment obligations arising on Corda with XRP, which is integrated with the Corda settler. Moreover, Corda Enterprise offers additional features targeted at the needs of large and complex organizations, such as the world’s only Blockchain Application Firewall, 24/7 support, dedicated product management and support for industry-standard enterprise databases.

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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.



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