XRP Becomes the First Settlement Mechanism on Corda Settler Network

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XRP Becomes the First Settlement Mechanism on the Newly Launched Corda Settler Network

On January 16th, company R3 announced that they have launched new governing foundation with Corda Network in an official press release, enabling easy data and digital asset flow across business that use Corda or Corda Enterprise.

Ripple’s XRP is the first digital asset to be added as a new settlement mechanism due to the previous arrangement settled by the companies after R3 agreed to buy 5 million XRP units at a price far below the value in the market at the time of the agreement.

R3 failed to deliver their part of the bargain, which is why they settled the legal issues of the agreement by promising that Ripple’s XRP will be the first in line of all digital assets to get to the network once Corda Network is officially launched.

Corda Network Launched with New Governing Foundation – Ripple’s XRP First on the List

Corda Network was initially launched back in mid-December 2018, as announced by R3 company, however, judging by the latest post that came out on January 16th, the network launched a new governing foundation.

The main goal of the network is to allow settlements and allow data flow between companies connected through Corda Network, announcing in their official press release that the network will be governed and managed by a non-profit organization called Corda Network Foundation.

Corda Network is actually comprised of nodes located around the globe and operated by the participants that use the network for connecting with other participants and making settlements.

All participants of the network can exchange data and assets between each other, that way taking advantage of interoperability.

R3 also announced in the official press release that all users will be able to create their own ecosystems to best suit their needs, adding that these ecosystems will still be connected to other participants of the network, enabling increased efficiency and safety, and avoiding duplication.

Even though Corda Network representatives didn’t mention Ripple’s XRP in their official release, XRP becomes the first digital asset to enable settlements on the network.

Instead, XRP Research Center, which is a group dedicated to XRP ecosystem research, posting relevant news for XRP holders, investors and enthusiasts on Twitter, shared the news on having Corda Network launching.

XRP Settlements Enabled with Corda App, More Digital Assets to Follow

With the newly launched Corda Network with a new governing foundation, R3 has produced three products – Corda App that supports settlements with XRP, Corda Enterprise, which is a permission blockchain network that offers enterprise solutions, and Corda Network, which represents an open-source platform that can be used for building CorDapps.

Ripple’s XRP is the first digital asset to be supported through the application, but according to the statement made by CTO of R3, Richard Gendal Brown, XRP will showcase the power of two major blockchain-based companies in this use case as the first digital asset to gain support for becoming a settlement mechanism.

Moreover, CTO added that the Settler will be open for other assets, including more digital and traditional assets as well, concluding that by adding XRP the company is making a logical step in demonstrating the “widespread” adoption of digital assets.


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