Enterprise blockchain development firm R3 has announced that Ripple’s rival XRP token will be the first supported cryptocurrency on its universal payment settlement platform, according to a Finextra report published Dec. 5.
The new decentralized payment app, named Corda settler, will allow payments to be settled through any cryptocurrency or crypto asset that supports parallel rails, and traditional payment rails capable of providing cryptographic proof-of-settlement.
The app works by verifying that the payee’s account was credited with expected payment, and then automatically updating the Corda ledger. The next phase of development will see the addition of domestic deferred net settlement and real-time gross settlement payment options.
R3’s CTO, Richard Gendal Brown, said that the XRP token’s addition was indicative of how two of the most influential Distributed Ledger Technology (DLT) communities can work together for mutual benefit.
"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."