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R3 announced the launch of Corda Settler, an app that made Ripple the first settlement mechanism.
The application is designed to guarantee non-frictional payments on Rope through any payment scheme and designed by R3, one of the world's leading developers of blockchain solutions for financial institutions. The decision is a result of the board of SBI Holdings at R3 to launch a project that uses Ripple's XRP.
The app is specially designed to make it easier to fulfill the payment obligations raised on the Corda blockchain platform.
Meanwhile, the platform has made XRP the first-born cryptocurrency globally recognized to be supported by the settler, a move that brings XRP and Corda ecosystems into "closer alignment".
CorDapp simplifies the resolution of payment obligations arising from the Corda network, thanks to any parallel track that supports digital currencies or other cryptographic resources, and any traditional binary that can provide cryptographic clearance tests.
According to Richard Gendal Brown, R3's Chief Technology Officer, "the deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step to show how the powerful ecosystems cultivated by two of the world's most influential crypts and blockchain communities can work together ".
"While the settler will be open to all forms of cryptic and traditional resources, this demonstration with XRP is the next logical step to show how the widespread acceptance and use of digital resources can transfer value and make payments" .
When the obligation to pay on Corda is made, one of the parties has the advantage of requesting the settlement in XRP.
SBI-R3 created to promote ripple (XRP)
Recently, the Today & # 39; s Gazette announced that SBI-R3 was created. The consortium is focused on improving the performance and adoption of XRP. Remember that SBI has no less than 10% shares in the boot ripple. He is also a main shareholder of R3.
After resolving the dispute between Ripple and R3, Yoshika Kitao, president and CEO of SBI Holdings, said that R3 designed a project that will use the XRP digital currency.
The two companies, R3 and Ripple, decided to resolve the dispute internally. After the dispute, Yoshika invited R3 to present a project that uses XRP. Now, it seems that CorDapp is the answer to Yoshika's request.
In May, SBI Holdings, a group of companies that had no less than 40 financial companies in the entire universe, committed $ 107 million to R3. The group of companies has set aside 2 billion yen (about $ 17.9 million) to purchase R3 shares.
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