The development and extensive adoption of cryptocurrencies across various institutions is a continuous operation. Ripple’s XRP, which is currently the third largest cryptocurrency in the market is constantly cultivating different partnerships and pushing the virtual asset forward for major trade applications.
InstiMatch Global is a networking firm which is trying to digitize the institutional system of allowing borrowers and lenders to establish trade through their own digital network. The company has now established a partnership with the R3 consortium which includes the testing of the Corda Settler platform for high-speed payments.
InstiMatch will test the Corda Settler platform and its ability to conduct large transactions in XRP as part of a pilot project. The testing for the platform is supposed to settle high volume transactions of over $1 billion with XRP in a tie-up with around 50 banks.
R3, a company based on distributed ledger technology for blockchain solutions has an extended platform product which is Corda. The Corda Settler platform is an open-source decentralized application on the R3 network and it was designed to enable large corporations and companies to move virtual currencies and assist in trade settlements and payments.
R3’s official website states that,
“Our money market offering in R3 Corda is a highly secure, GDPR compliant DApp allowing Banks, Family offices, Corporations, Utilities etc. to exchange liquidity amongst each other. This DApp offers the modern alternative to voice broking and replaces our present, centralized database version.”
InstiMatch has been able to tackle the latest settlement API and it has added the option of high-speed payments, which is crucial for the dedicated and quick execution of intra-day trades, via the Corda Settler dApp.
InstiMatch is hoping to have more than 100 counterparties from various sectors of trading and reach a broader region of involvement in the next 12 months.
This is not the first time Ripple’s XRP and R3’s Corda are headlining together. Previously, a major partnership had developed between both the companies and SBI Holdings, which acted as a medium of comprehension.
The President and Representative Director of SBI Holdings, Yoshitaka Kitao recently pointed out that XRP will become a global currency in the near future. He also mentioned,
“You can use R3’s ‘Corda’ for international remittance, but Corda Settler and XRP use this because they have high affinity. That’s why the SWIFT partnership with R3 (Corda) is good news that brings bright materials to the market… What I emphasize is to combine R3 and Ripple to make XRP thoroughly practical useable.”
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.