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Ripple’s technology is “of enormous importance to us”, states R3 member Nordea Bank CEO

Anirudh VK



Ripple's technology is "of enormous importance to us", states R3 member Nordea Bank CEO
Source: Unsplash

The CEO of Nordea Bank, Casper von Koskull, recently appeared on an interview to speak about the implementation of blockchain technology in payments. Most notably, he spoke about Ripple, XRP, and the R3 Consortium.

He began by talking about the reason the bank focused on payments, a part of the largest financial services network in the Nordic region of Europe. This has led to the implementation of a solution by Temenos, quoting reasons of their compatibility with “faster and cheaper payments based on blockchain technology”.

von Koskull said in a statement to Kauppalehti, a Finnish newspaper:

“Ripple has already launched its own technology, which is being introduced in Japan. Everything is done in cooperation with banks, such as the R3 consortium. It is of enormous importance to us.”

Notably, Nordea is part of the network run by R3, a DLT firm which has names such as Citibank, Deutsche Bank, HSBC and Goldman Sachs as a part of its network. They have run into legal problems with Ripple in the past, which led to a settlement in September 2018. In a statement to Coindesk, a representative from R3 stated:

“R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them.”

The article mentions that R3 co-operates with Ripple and have “billions of units” of XRP, the cryptocurrency utilized by Ripple, leading many to believe that they have come to an amicable conclusion.

Oisolberg, a Reddit user stated:

“SBI probably had a stern word with both Ripple and R3 about their stupid lawsuit issues, if the original R3 customers are still onboard this is absolutely massive. SBI invested 107 million USD in R3 in 2017.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.