New York-based blockchain provider R3 announced on Wednesday the launch of Corda Settler – an application designed to enable payment obligations raised on the Corda blockchain platform to be executed through any existing payment solution, either blockchain-based or traditional. So far, Ripple’s XRP is the first cryptocurrency available with the universal settler. Thus, R3 and Ripple make a concrete step towards cooperating for blockchain adoptions at the global level.

As an open source Corda decentralized application (CorDapp), Corda Settler enables users to settle the payment obligations raised on Corda through any traditional or cryptocurrency-based payment rail. The CorDapp will check whether the beneficiary’s account was credited accordingly, after which the Corda blockchain will update automatically.

R3 CTO Richard Gendal Brown commented:

“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.”

“While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achie…

This article appeared first on Cryptovest

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