Ripple is going to be the first cryptocurrency accepted on R3’s payment settlement platform. The platform that R3 is working on is called Finextra. R3, the Blockchain software company, and Ripple have been in constant competition with each other over the last couple of years.
Finextra is also called Codra Settler. The platform that R3 is building is a payment and settlement platform that will allow users and customers to pay each other and in exchange for services.
The platform also has a unique feature in which once the creditor’s account or wallet gets the funds a confirmation is sent to the application which automatically updates the Codra ledger.
The platform is going to list Ripple’s XRP token as the first accepted cryptocurrency on their platform.
Amidst Market Crash
Ripple overtook Ethereum to become the second largest cryptocurrency in the market, in terms of market capitalisation amidst a market-wide crash.
Even though the currency has overtaken Ethereum, the token is also falling. The XRP token is also falling at this point and is currently trading at $0.34 USD.
Despite the current state of the market and the currency, R3’s Platform Finextra is listing Ripple on it. This is expected to tip the scales in Ripple’s favour.
R3’s Chief Technical Officer said,
“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.”
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Legal Fued
This partnership of sorts comes after a year-long legal battle between the two companies. The legal dispute came up because of a contract breach on Ripple’s part.
The matter was settled in court this September and this partnership goes to show that both of them are putting the past to bed and moving forward. The CTO of R3 also said that this partnership between the two industrial giants was the next logical step for both companies.
Ripple is currently trading at $0.34 USD.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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