R3’s New App to Support XRP Payments

Corda Settler is a opensource application in the CorDapp pack and makes it possible to make payments for payment obligations in the Corda networ
06 December 2018   1214

Banking blockchain consortium R3 has announced the launch of the Corda Settler application for international cryptocurrency payments in corporate distributed networks. The first supported digital asset in the application is the XRP token, CoinDesk reports.

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 achieved.
 

Richard Gendal Brown

CTO, R3

Corda Settler is a opensource application in the CorDapp pack and makes it possible to make payments for payment obligations in the Corda network through any parallel means supporting cryptocurrency, crypto assets or traditional payment mechanisms that can provide cryptographic confirmation of the fact of settlement of transactions.

In particular, the application verifies the transfer of the expected amount to the recipient’s account, automatically updating the Corda registry. Also in the developers' plans is the addition of support for deferred netting of transactions and settlements on pre-established amounts in real time.

When a payment obligation arises in the Corda system, one of the parties may request payment in XRP tokens. The other party will receive a notification of such a request and that it must configure the payment to be sent to the specified address before a certain date. As soon as the oracle service confirms the payment, the parties may consider the obligation fulfilled.

Application support for the XRP token may seem somewhat unexpected if we recall the recent court proceedings between R3 and Ripple, but a source close to the situation claims that the disagreements did not have anything to do with it. The very launch of a new payment mechanism, he said, should give greater legitimacy to cryptocurrencies.

Bitso to Expand to Latin America With Investors Help

The amount of financing, attracted by the most popular Mexican exchange from the Coindesk and Ripple, isn't reported
15 October 2019   125

Mexico's leading cryptocurrency exchange Bitso has attracted funding from industry-famous investors to expand its operations in Latin America. The amount of investment is not disclosed, reports The Block.

The financing round was led by fintech company Ripple, also the largest US cryptocurrency company Coinbase took part in it. In addition, the participants in the round were Digital Currency Group and Pantera Capital, who had previously invested in the exchange.

Bitso has been operating in Mexico since 2014 and claims to serve 750,000 users in the country. The exchange intends to use the raised funds for business expansion primarily in such large countries as Argentina and Brazil.

Among other economic difficulties, a number of Latin American states are facing currency crises. In Argentina, the government, for example, imposed restrictions on the purchase of foreign currency, trying to stop the fall of the peso. Brazil's economy has fallen into recession due to high unemployment, declining investment and a global recession.

Against this background, cryptocurrency activity is growing in the region.

Weekly LocalBitcoins Volume in Argentina (USD)
Weekly LocalBitcoins Volume in Argentina (USD)

In Argentina, weekly volumes of bitcoin transactions on the p2p platform LocalBitcoins jumped to almost $ 196 thousand. In Brazil, this figure reached $ 307 thousand.