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

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”