Ripple’s XRP has been selected among all the tokens by R3 to be the first cryptocurrency to be listed on its Universal Payment Settlement, CorDapp. A Corda-based decentralized application which enables payment process done on the Corda blockchain to be settled through a harmonized payment rail that supports cryptocurrency or other assets.
The Cordapp which is also termed ‘Corda Settler’ can be used on any payment platform which can transfer money or other assets from one person or institution to another. It verifies credited transactions and updates the Corda ledger.
R3, which has its headquarters in New York City, is an enterprise blockchain software company, working with a group of about 200 partnering firms in different key industries who research and develop distributed ledger usage in the financial industry and other business areas.
The Chief Technical Officer at R3, Richard Gandal Brown, said that using the Corda Settler to enhance payment settlement and its support for XRP as the first settlement tool shows how effective the ecosystems built by the two giants would be.
“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 went ahead to state that the integration of these giants in the Crypto world is a clear example of acceptance and how the use of digital assets in this payment processing can be achieved.
Ripple token XRP seems to be no 1 of the most sort after cryptocurrency in the digital world today. So many startups and already existing financial technology firms have indicated interest in the digital asset. Other Ripple decentralize financial tools that have also gained high patronage by banks and other payment processing firms are xCurrent and xRapid.