Ripple’s XRP to Become the First Integrated Crypto with R3 Corda Settlement App
R3, the distributed ledger that claims that its network doesn’t represent a blockchain ecosystem, announced the launch of their settlement application called Corda app.
What is interesting is that Ripple’s XRP will get to become the first cryptocurrency to become integrated with this settlement mechanism.
R3 is a prominent company that offers blockchain-based enterprise solutions for financial purposes, which probably made the company decide that XRP is to become the first crypto available on their new settlement application named Corda.
XRP is offering frictionless payment experience, presenting one of the fastest cryptos in the market while Corda was released first back in 2016 as an enterprise-ready open-source product designed by R3.
It is said that R3 decided to add XRP first to their settlement application in accordance with the advice they got from SBI Holdings, known to be one of Ripple supporters within Ripple’s network of supporters called Ripple Net.
Corda Settlement App from R3 Will Add Support for XRP first
Corda was released as the first enterprise blockchain product from R3 blockchain development company back in 2016. R3 is now adding new features to the operating system of their product.
Corda application or Corda settlement is said to be able to act as a universal settlement ecosystem which means that anyone can send any amount to the end user, the receiver of the payment, where the receiver can decide in which cryptocurrency or fiat currency they want that payment to arrive.
Participating in the Corda network is permissionless as any bank or financial institution can join the network for settling payments.
In this case, Corda would act as a current translator, translating the sent payment to match the requirements of the receiver.
Perhaps XRP wouldn’t be the first crypto to get to the settlement application as a supported currency, however, the addition of XRP as the first crypto to Corda was a part of the settlement after a legal battle between Ripple and R3.
XRP Addition to Corda App a Part of the Settlement between Ripple and R3?
Apparently, there was a legal battle between the two parties, Ripple and R3 where the company that designed and produced Corda was entitled to the agreed terms to purchase 5 billion XRP units at a value that is far below the price of XRP.
The companies faced each other at court as R3 believed that it would be for the best to involve the law, while the CEO of Ripple decided to terminate the contract between the two parties that allows R3 to purchase 5 billion units of Ripple’s currency at a far lower price.
However, since R3 also failed to fulfill its part of the agreement that allowed the company the initial purchaser of XRP, which was to allow XRP the access to the banking network of Corda’s creator, R3.
The two parties finally came to a settlement, which is why there is a general opinion that the addition of XRP to Corda Settlement is a part of the legal settlement between the two parties.
Whichever the case, XRP is to become the first crypto supported by Corda Settlement application.