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XRP selected as first settlement mechanism by r3 for Corda Settler; wild adoption ahead?

Priyamvada Singh

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XRP selected as first settlement mechanism by r3 for Corda Settler; wild adoption ahead?
Source: Pixabay

r3, a blockchain solution firm for businesses, today launched a universal settler application on Corda to facilitate global payments. Corda is an open-source blockchain firm that is working on spreading digital currencies across the global financial system. XRP, the native digital asset of the leading Fintech firm, Ripple, has been chosen for the first settlement process. The official Twitter handle of r3 stated:

“R3 is proud to announce the release of Corda Settler, an open source CorDapp that allows #Corda users to settle using any payment method. The first payment rail enabled for Corda Settler is the #XRP Ledger.”

This is a huge step in the adoption journey of the second largest cryptocurrency in the world, as it has brought Corda Settler and XRP in line with each other.

In its official press release, r3 also mentioned the next development phase for the launch. The company wrote that the Settler domestic deferred net settlement and real-time gross settlement transactions are also upcoming in the next phase.

Richard Gendal Brown, the Chief Technology Officer at r3 also spoke on the occasion, establishing strength in the tie-up of two extremely powerful entities from the cryptocurrency and blockchain words. In his words:



“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”

He also added that the Settler will accommodate the integration of all forms of digital assets as well as traditional assets, but has selected XRP for the first round of demonstration to expose the potential of digital assets across payments.

A cryptocurrency and blockchain enthusiast named, Toni Schmidt also wrote:

“Thank you R3…! By the way. If XRP were a security … then we now have shares in R3 … so absolutely ridiculous argument”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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