Payment App On Corda Blockchain And With XRP Support Is Launched
A New York-based consortium R3, which includes 70 financial companies, announced the launch of a payment application on the Corda blockchain. Members of enterprise blockchain networks will be able to make international payments with it. The first cryptocurrency supported by the system is XRP, Coindesk reports.
Corda Settler is a universal open source application that allows performing payment obligations in the Corda blockchain network via other parallel systems supporting cryptocurrencies. Payments can also be made through traditional processing, which can provide a cryptographic proof of a successful operation.
One of the transaction members can make a request to get payment in the XRP tokens. Then the other participant will have to transfer the required amount of cryptocurrency to the appropriate address. After this, the oracle service confirms the payment, and the obligation is considered settled.
Richard Gendal Brown, R3 technical director, confirmed that Corda Settler will be open to all kinds of traditional and digital assets. The collaboration with Ripple was a step towards making cryptocurrency a widely adopted means of payments and money transfers, he added.
Brown said that adding XRP to the platform shows how powerful ecosystems, created by the most influential communities in the industry, can work together.
At the same time, the XRP issuing company is grappling with a class action of investors who lost money. The case was passed to the US federal court. If the judges recognize the victory for the company, it will allow determining the legal features of the XRP coins.
Previously, an American company IPC Systems switched to the Corda blockchain.